-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MWsIA3IK9ex0rSjdsHAlKWVUgkikw0j1TMUqDxV6VCChP0H9l3u0Ab1JcKqO+sVK Dmj9mY/bGpFYMHHNqR7wCQ== 0000950152-05-000826.txt : 20050207 0000950152-05-000826.hdr.sgml : 20050207 20050207145252 ACCESSION NUMBER: 0000950152-05-000826 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20041130 FILED AS OF DATE: 20050207 DATE AS OF CHANGE: 20050207 EFFECTIVENESS DATE: 20050207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STI CLASSIC FUNDS CENTRAL INDEX KEY: 0000883939 IRS NUMBER: 232678674 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06557 FILM NUMBER: 05580143 BUSINESS ADDRESS: STREET 1: 2 OLIVER STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6144708000 MAIL ADDRESS: STREET 1: 3435 STELZER RD. STREET 2: STE. 1000 CITY: COLUMBUS STATE: OH ZIP: 43219 N-CSRS 1 l11335anvcsrs.txt STI CLASSIC FUNDS --------------------------------------- OMB APPROVAL OMB Number: 3235-0570 Expires: October 31, 2006 Estimated average burden hours per response. . . . . . .19.3 --------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-06557 ---------------------------------------------- STI Classic Funds - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 101 Federal Street Boston, MA 02110 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) BISYS Fund Services, 3435 Stelzer Road Columbus, Ohio 43219 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 614-470-8000 ----------------------------- Date of fiscal year end: 5/31/05 ---------------------- Date of reporting period: 11/30/04 -------------------- Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). ---------------------------------------- Semi-Annual ---------------------------------------- Financial Report ---------------------------------------- STI Classic Equity Funds ---------------------------------------- A Family of Mutual Funds ---------------------------------------- November 30, 2004 [STI CLASSIC FUNDS LOGO] Dear Valued STI Classic Funds Shareholder, While patience is rarely enjoyable, it is often called a virtue and with good reason. We stressed patience with the stock market in 2004, primarily because the economy was transitioning from a stimulus led period of growth (low mortgage rates and tax cuts) to a more sustainable phase characterized by improved job growth, rising personal income, and continued capital spending. These are key factors that drive sales and investment. A more succinct way of expressing our view for 2004 is "don't bet against the cycle." While the stock markets bounced around inside a trading range for most of the year, our patience was rewarded in the fourth quarter. The S&P 500 Index rose 9.2% including dividends during the final three months and finished the year with a total return of 10.9%. Bonds also faired reasonably well in the final quarter and finished 2004 with a fifth consecutive annual gain. The Lehman Brothers Aggregate Bond Index rose 1.0% during the last three months and gained 4.3% for the year. The New Yea r appears likely to be favorable for the economy and the markets as well, but cross-currents will be significant. I want to take this opportunity to share our views on the year just ended, and outline our thoughts about factors likely to shape 2005. After the S&P 500 rebounded 28.7% in 2003, many investors were anxious for signs confirming improving economic momentum in 2004. Early in the year, there was evidence that the economy was indeed picking up steam and achieving sustainability, and stocks advanced in the first quarter amid signs of strength. However, equities struggled in the spring and summer as job growth slowed and confidence sagged. The Federal Reserve, conversely, became more confident in the health of the economy and began raising the overnight Fed Funds rate on June 30 in an effort to remove "excess monetary accommodation." An additional development was the sharp rise in oil prices, though "headline" inflation rose only moderately. These were new headwinds that threatened the pace of growth and increased the risk of inflation; both negatives for stocks. The S&P 500 was nearly unchanged at the end of the third quarter, while longer-term yields actually declined. In the fourth quarter, a resumption of stronger job growth, a drop in oil prices, and an end to a vituperative presidential campaign cleared the way for an equity rebound. The S&P 500 rose 9.2% including dividends during the quarter, and all sectors improved, led primarily by pro-cyclical technology, consumer discretionary, and industrial stocks. For all of 2004, energy led all sectors due to the sharp spike in oil prices. Utility and telecom stocks, while a small percentage of the index, performed well, and industrials, materials, and consumer discretionary stocks had above-average performance. Generally, the year was good for the value style of investing. Stocks with the lowest earnings growth outperformed stocks with high earnings growth, and companies with higher dividends tended to outperform those with low dividends. Also, stocks with smaller market capitalizations as well as international equities tended to outperform the S&P 500 in 2004. The Russell 2000 small-cap index returned 18.3%, and the MSCI EAFE Index gained 20.7%. In the fixed-income market, the pro-cyclical improvement in the economy benefited credit and high yield securities. Our outlook for the economy in 2005 remains positive led by additional business investment and employment gains. However, the pace of growth is expected to slow closer to the longer-term average of 3.0%. Top line inflation may dip due to a decline in oil prices, but core inflation is likely to move moderately higher. The dollar is expected to remain under downward pressure. In this environment, we expect the Federal Reserve to continue with a series of rate hikes with a near-term goal of achieving interest rate "neutrality." Longer term yields are also likely to rise, but not dramatically. Corporate earnings growth has begun to moderate, and we project a slowing in S&P 500 operating profits growth for all of 2005 near the long-term average of 7%. History has shown that equity prices can still move higher when corporate earnings growth slows from high rates. We believe that companies with stronger financial quality (high cash flow, top line sales growth, low debt) should outperform in this climate, wh ich may support a shift toward stocks with consistent earnings growth as well as the Growth style. We will continue to be very price sensitive in the entry and exit strategies for individual stocks. 1 We still like stocks relative to bonds, given the current low absolute level of bond yields, the expected continuation of Fed tightening, the risk of higher inflation, and the downward pressure on the dollar. However, the upward path for equities could be bumpy over the near-term following the post-election rally and the increased valuation levels, especially if long-term yields move significantly higher. We favor a relative overweight position in large-caps over small-caps in fully diversified portfolios, and international equities over the S&P 500. In fixed-income portfolios, we believe yields should generally trend higher, and most of the movement will be in short-term rates causing the yield curve to flatten further from the current level. We recommend a neutral relative duration with a modest barbell maturity structure, and an overweight position in securities designed to perform well in rising inflation environments such as Treasury inflation-indexed securities (TIPS). However, following a significant narrowing of credit spreads, we moved to an underweight position in corporate bonds and will shift to an underweight in mortgages. Patience was required and rewarded in 2004. While we are generally optimistic on the future trend in the equity markets, the cross-currents in the global economy suggest that another dose of patience may be needed to reach longer-term investment goals. I appreciate the confidence you have placed in Trusco in managing your assets, and we value your relationship. Sincerely, Douglas Phillips Douglas Phillips Chairman Trusco Capital Management 2 PORTFOLIO INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS November 30, 2004 - -------------------------------------------------------------------------------- AGGRESSIVE GROWTH STOCK FUND - -------------------------------------------------------------------------------- Consumer Discretionary 17.4% Consumer Staples 9.8% Financials 11.5% Health Care 18.2% Information Technology 35.3% Telecommunication Services 1.7% Repurchase Agreements 6.1% - -------------------------------------------------------------------------------- BALANCED FUND - -------------------------------------------------------------------------------- Consumer Discretionary 6.7% Consumer Staples 4.3% Energy 2.2% Financials 9.8% Health Care 5.8% Industrials 8.7% Information Technology 9.7% Materials 0.6% Utilities 0.6% Corporate Bonds 17.0% U.S. Government Agencies 0.7% U.S. Treasury Obligations 22.5% Exchange Traded Funds 2.5% Yankee Bond 1.5% Short-Term Investments 2.8% Repurchase Agreements 4.6% - -------------------------------------------------------------------------------- CAPITAL APPRECIATION FUND - -------------------------------------------------------------------------------- Consumer Discretionary 15.7% Consumer Staples 7.8% Energy 4.3% Financials 19.0% Health Care 11.1% Industrials 18.0% Information Technology 19.6% Materials 0.9% Exchange Traded Funds 3.0% Short-Term Investments 0.6% - -------------------------------------------------------------------------------- EMERGING GROWTH STOCK FUND - -------------------------------------------------------------------------------- Consumer Discretionary 12.4% Consumer Staples 3.0% Financials 12.4% Health Care 20.4% Industrials 9.2% Information Technology 32.3% Telecommunication Services 4.6% Repurchase Agreements 5.7% - -------------------------------------------------------------------------------- GROWTH AND INCOME FUND - -------------------------------------------------------------------------------- Consumer Discretionary 9.6% Consumer Staples 9.7% Energy 8.5% Financials 23.4% Health Care 9.9% Industrials 12.8% Information Technology 10.7% Materials 4.4% Telecommunication Services 3.0% Utilities 5.4% Short-Term Investments 2.2% Money Market Funds 0.4% - -------------------------------------------------------------------------------- INFORMATION AND TECHNOLOGY FUND - -------------------------------------------------------------------------------- Consumer Discretionary 8.0% Consumer Staples 1.0% Health Care 12.0% Industrials 3.5% Information Technology 55.5% Telecommunication Services 1.8% Depositary Receipts 1.8% Short-Term Investments 12.3% Repurchase Agreements 4.1% 3 PORTFOLIO INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS November 30, 2004 Percentages are based on market value - -------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- Cash and Equivalents 5.8% Consumer Discretionary 12.9% Consumer Staples 6.0% Energy 8.7% Financials 24.5% Health Care 7.8% Industrials 9.3% Information Technology 5.2% Materials 6.9% Telecommunication Services 7.9% Utilities 5.0% - -------------------------------------------------------------------------------- INTERNATIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- Cash and Equivalents 8.8% Consumer Discretionary 11.3% Consumer Staples 5.6% Energy 7.0% Financials 24.2% Health Care 4.8% Industrials 9.3% Information Technology 6.2% Materials 6.8% Other Foreign Securities 1.2% Telecommunication Services 8.6% Utilities 6.2% - -------------------------------------------------------------------------------- LIFE VISION AGGRESSIVE GROWTH FUND - -------------------------------------------------------------------------------- Equity Funds 96.0% Money Market Funds 4.0% - -------------------------------------------------------------------------------- LIFE VISION CONSERVATIVE FUND - -------------------------------------------------------------------------------- Equity Funds 25.7% Fixed Income Funds 71.3% Money Market Funds 3.0% - -------------------------------------------------------------------------------- LIFE VISION GROWTH AND INCOME FUND - -------------------------------------------------------------------------------- Equity Funds 73.5% Fixed Income Funds 23.5% Money Market Funds 3.0% - -------------------------------------------------------------------------------- LIFE VISION MODERATE GROWTH FUND - -------------------------------------------------------------------------------- Equity Funds 55.0% Fixed Income Funds 41.9% Money Market Funds 3.1% - -------------------------------------------------------------------------------- MID-CAP EQUITY FUND - -------------------------------------------------------------------------------- Consumer Discretionary 15.3% Consumer Staples 3.3% Energy 6.0% Financials 22.2% Health Care 10.4% Industrials 14.1% Information Technology 11.4% Materials 3.8% Telecommunication Services 0.8% Utilities 6.3% Short-Term Investments 4.2% Repurchase Agreements 2.2% - -------------------------------------------------------------------------------- MID-CAP VALUE EQUITY FUND - -------------------------------------------------------------------------------- Consumer Discretionary 12.1% Consumer Staples 4.3% Energy 5.5% Financials 21.2% Health Care 3.4% Industrials 10.9% Information Technology 6.6% Materials 6.3% Utilities 4.7% Short-Term Investments 20.8% Money Market Funds 4.2% - -------------------------------------------------------------------------------- SMALL CAP GROWTH STOCK FUND - -------------------------------------------------------------------------------- Consumer Discretionary 11.7% Consumer Staples 2.2% Energy 4.0% Financials 7.6% Health Care 11.2% Industrials 14.4% Information Technology 20.2% Materials 3.0% Telecommunication Services 0.2% Warrants 0.1% Preferred Stocks 0.1% Corporate Bonds 0.1% Short Term Investments 24.1% Repurchase Agreements 1.1% Portfolio composition is subject to change. 4 PORTFOLIO INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC EQUITY FUNDS November 30, 2004 Percentages are based on market value - -------------------------------------------------------------------------------- SMALL CAP VALUE EQUITY FUND - -------------------------------------------------------------------------------- Consumer Discretionary 16.4% Consumer Staples 3.0% Energy 1.6% Financials 12.2% Health Care 6.4% Industrials 16.5% Information Technology 13.2% Materials 7.6% Utilities 0.9% Short Term Investments 20.4% Repurchase Agreements 1.8% - -------------------------------------------------------------------------------- STRATEGIC QUANTITATIVE EQUITY FUND - -------------------------------------------------------------------------------- Consumer Discretionary 15.2% Consumer Staples 3.3% Energy 15.3% Financials 20.2% Health Care 7.8% Industrials 19.8% Information Technology 12.9% Materials 5.4% Repurchase Agreements 0.1% - -------------------------------------------------------------------------------- TAX SENSITIVE GROWTH STOCK FUND - -------------------------------------------------------------------------------- Consumer Discretionary 14.0% Consumer Staples 9.4% Energy 8.0% Financials 13.3% Health Care 17.1% Industrials 17.1% Information Technology 16.2% Materials 3.0% Repurchase Agreements 1.9% - -------------------------------------------------------------------------------- VALUE INCOME STOCK FUND - -------------------------------------------------------------------------------- Consumer Discretionary 11.9% Consumer Staples 10.1% Energy 6.3% Financials 24.5% Health Care 4.8% Industrials 13.2% Information Technology 5.5% Materials 6.8% Telecommunication Services 4.7% Utilities 5.7% Short-Term Investments 1.4% Repurchase Agreements 5.1% Portfolio composition is subject to change. 5 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) AGGRESSIVE GROWTH STOCK FUND
- --------------------------------------------------------- Shares or Principal Amount Value - --------------------------------------------------------- COMMON STOCKS (93.7%) CONSUMER DISCRETIONARY (17.4%) Best Buy Co., Inc. 15,400 $ 868 Blue Nile, Inc. * 17,100 441 Coach, Inc. * 17,800 887 eBay, Inc. * 19,500 2,193 IAC/Interactive Corp. * 40,000 988 Omnicom Group, Inc. 10,200 826 Univision Communications, Inc., Class A * 21,000 632 Walt Disney Co. (The) 32,800 882 ------- 7,717 ------- CONSUMER STAPLES (9.8%) Avon Products, Inc. 34,000 1,276 Starbucks Corp. * 36,000 2,025 Whole Foods Market, Inc. 11,400 1,035 ------- 4,336 ------- FINANCIALS (11.5%) BlackRock, Inc., Class A 9,000 671 Capital One Financial Corp. 23,100 1,815 Investors Financial Services Corp. 40,700 1,784 SLM Corp. 16,000 819 ------- 5,089 ------- HEALTH CARE (18.2%) Align Technology, Inc. * 2,100 22 Biosite, Inc. * 7,700 429 Cephalon, Inc. * 19,400 922 eResearch Technology, Inc. * 27,050 399 Forest Laboratories, Inc. * 27,000 1,052 Genentech, Inc. * 15,900 767 Gilead Sciences, Inc. * 38,200 1,316 Johnson & Johnson 11,200 676 Kyphon, Inc. * 9,000 217 Martek Biosciences Corp. * 12,500 486 Medicis Pharmaceutical Corp., Class A 13,000 478 Pfizer, Inc. 20,800 578 Wright Medical Group, Inc. * 27,300 722 ------- 8,064 -------
- --------------------------------------------------------- Shares or Principal Amount Value - --------------------------------------------------------- INFORMATION TECHNOLOGY (35.1%) Apple Computer, Inc. * 19,000 $ 1,274 Avaya, Inc. * 15,000 246 Broadcom Corp., Class A * 17,000 553 CNET Networks, Inc. * 51,600 481 Cognizant Technology Solutions Corp., Class A * 58,000 2,213 Dell, Inc. * 24,800 1,005 Flextronics International LTD. * 112,900 1,620 Google, Inc. * 600 110 Intel Corp. 36,200 809 Juniper Networks, Inc. * 21,100 581 KLA-Tencor Corp. * 11,500 518 Paychex, Inc. 26,400 875 QUALCOMM, Inc. 50,300 2,093 Sohu.com, Inc. * 12,100 205 UTStarcom, Inc. * 48,000 938 Yahoo!, Inc. * 55,700 2,095 ------- 15,616 ------- TELECOMMUNICATION SERVICES (1.7%) Nextel Communications, Inc. * 27,200 774 ------- Total Common Stocks (Cost $39,045) 41,596 ------- REPURCHASE AGREEMENTS (6.1%) Merrill Lynch, 1.995% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $2,705,219 (collateralized by U.S. Government obligations; total market value $2,760,373) $ 2,705 2,705 ------- Total Repurchase Agreements (Cost $2,705) 2,705 ------- Total Investments (Cost $41,750) (a) -- 99.8% 44,301 Other assets in excess of liabilities -- 0.2% 70 ------- Net Assets -- 100.0% $44,371 =======
See notes to schedules of portfolio investments and notes to financial statements. 6 (Unaudited) BALANCED FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- COMMON STOCKS (51.9%) CONSUMER DISCRETIONARY (7.2%) Harley-Davidson, Inc. 44,000 $ 2,544 Home Depot, Inc. (The) 67,600 2,822 J. C. Penney Co., Inc. 71,000 2,741 Kohl's Corp. * 34,600 1,597 Lowe's Cos., Inc. 21,700 1,201 Marriott International, Inc., Class A 32,000 1,819 Staples, Inc. 63,000 2,010 Target Corp. 60,000 3,073 Time Warner, Inc. * 97,000 1,718 Walt Disney Co. (The) 73,500 1,976 --------- 21,501 --------- CONSUMER STAPLES (4.6%) Avon Products, Inc. 68,500 2,571 Gillette Co. (The) 66,000 2,870 Kimberly-Clark Corp. 36,100 2,296 Sara Lee Corp. 103,900 2,440 Walgreen Co. 88,000 3,361 --------- 13,538 --------- ENERGY (2.4%) Anadarko Petroleum Corp. 21,300 1,482 Exxon Mobil Corp. 109,000 5,587 --------- 7,069 --------- FINANCIALS (10.5%) American Express Co. 80,100 4,461 American International Group, Inc. 27,000 1,710 Bank of New York Co., Inc. (The) 43,300 1,425 Chubb Corp. (The) 42,500 3,239 Citigroup, Inc. 21,000 940 Comerica, Inc. 18,700 1,150 Freddie Mac 44,200 3,017 Goldman Sachs Group, Inc. (The) 26,600 2,787 MGIC Investment Corp. 44,000 2,992 SLM Corp. 57,000 2,917 U.S. Bancorp 110,000 3,259 Wells Fargo & Co. 56,000 3,459 --------- 31,356 --------- HEALTH CARE (6.2%) Biomet, Inc. 63,000 3,016 Boston Scientific Corp. * 70,200 2,444 Johnson & Johnson 56,000 3,377 Medtronic, Inc. 65,000 3,123
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- HEALTH CARE--CONTINUED St. Jude Medical, Inc. * 81,400 $ 3,105 Stryker Corp. 74,500 3,277 --------- 18,342 --------- INDUSTRIALS (9.4%) Boeing Co. (The) 53,700 2,877 Danaher Corp. 33,400 1,900 Deere & Co. 35,000 2,511 Dover Corp. 36,600 1,480 Emerson Electric Co. 41,500 2,773 General Electric Co. 83,200 2,941 Honeywell International, Inc. 29,800 1,053 Illinois Tool Works, Inc. 17,700 1,668 L-3 Communications Holdings, Inc. 26,300 1,957 Northrop Grumman Corp. 50,800 2,862 Parker Hannifin Corp. 32,000 2,394 Raytheon Co. 60,000 2,420 Southwest Airlines Co. 75,000 1,180 --------- 28,016 --------- INFORMATION TECHNOLOGY (10.4%) Amdocs Ltd. * 60,000 1,551 Automatic Data Processing, Inc. 49,500 2,254 Avaya, Inc. * 129,200 2,121 Cadence Design Systems, Inc. * 87,800 1,206 CDW Corp. 20,200 1,328 Cisco Systems, Inc. * 174,600 3,267 Computer Sciences Corp. * 21,100 1,142 Dell, Inc. * 41,600 1,686 EMC Corp. * 133,900 1,797 Lexmark International, Inc., Class A * 36,600 3,107 Microsoft Corp. 135,400 3,631 NCR Corp. * 48,000 2,867 Oracle Corp. * 149,000 1,886 Tellabs, Inc. * 239,000 2,043 VeriSign, Inc. * 42,900 1,411 --------- 31,297 --------- MATERIALS (0.6%) Air Products and Chemicals, Inc. 29,900 1,712 --------- UTILITIES (0.6%) Duke Energy Corp. 64,700 1,636 --------- Total Common Stocks (Cost $137,101) 154,467 ---------
7 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) BALANCED FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- CORPORATE BONDS (18.3%) AUTO MANUFACTURERS (1.5%) American Honda Finance Corp., 3.850%, 11/06/08 (d) $ 540 $ 536 Daimler Chrysler NA Holdings, 8.500%, 01/18/31 315 380 Ford Motor Co., 7.450%, 07/16/31 2,275 2,213 General Motors Corp., 8.375%, 07/15/33 1,380 1,405 --------- 4,534 --------- BANKS (1.0%) Bank of America Corp., 7.400%, 01/15/11 1,225 1,414 Bank One Corp., 7.625%, 08/01/05 585 604 First Union Corp., 7.550%, 08/18/05 630 651 Wells Fargo & Co., 4.800%, 07/29/05 205 208 --------- 2,877 --------- BEVERAGES (0.2%) Miller Brewing Co., 4.250%, 08/15/08 (d) 540 543 --------- BUILDING MATERIALS (0.2%) American Standard Cos., Inc., 7.625%, 02/15/10 555 631 --------- COMPUTERS (0.1%) NCR Corp., 7.125%, 06/15/09 200 219 --------- COSMETICS/PERSONAL CARE (0.1%) Gillette Co., 3.750%, 12/01/04 (d) 270 270 --------- DIVERSIFIED FINANCIAL SERVICES (4.3%) Capital One Bank, 5.125%, 02/15/14 1,000 987 CIT Group, Inc., 5.750%, 09/25/07 470 494 CIT Group, Inc., 5.500%, 11/30/07 345 361 CIT Group, Inc., 5.125%, 09/30/14 290 287 Citigroup, Inc., 5.125%, 05/05/14 685 693 Citigroup, Inc., 5.875%, 02/22/33 630 627 Fund American Cos., Inc., 5.875%, 05/15/13 710 712
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Goldman Sachs Capital I, 6.345%, 02/15/34 $ 540 $ 546 Goldman Sachs Group, Inc., 3.875%, 01/15/09 535 531 Goldman Sachs Group, Inc., 4.750%, 07/15/13 585 572 Household Finance Corp., 7.625%, 05/17/32 615 751 International Lease Finance Corp., 4.750%, 07/01/09 1,060 1,077 J.P. Morgan Chase & Co., 6.625%, 03/15/12 1,620 1,802 John Deere Capital Corp., 3.900%, 01/15/08 315 317 MBNA Corp., Ser B, 7.500%, 03/15/12 370 424 Merrill Lynch & Co., Inc., 3.700%, 04/21/08 245 244 Merrill Lynch & Co., Inc., Ser C, 5.000%, 01/15/15 660 649 Morgan Stanley, 5.300%, 03/01/13 1,310 1,336 --------- 12,410 --------- ELECTRIC (1.6%) Calenergy Co., Inc., 7.520%, 09/15/08 405 449 Carolina Power & Light Co., 6.500%, 07/15/12 210 230 Cincinnati Gas & Electric Co., 5.700%, 09/15/12 270 282 Dominion Resources, Inc., Ser B, 7.625%, 07/15/05 405 417 Dominion Resources, Inc., Ser E, 6.750%, 12/15/32 355 380 Entergy Gulf States, Inc., 5.200%, 12/03/07, Callable 12/1/04 @ 100 110 110 Entergy Gulf States, Inc., 4.875%, 11/01/11, Callable 11/1/06 @ 100 520 513 Florida Power & Light Co., 6.875%, 12/01/05 125 130 Oncor Electric Delivery, 7.000%, 05/01/32 315 355
8 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- ELECTRIC--CONTINUED Pacific Gas & Electric Co., 6.050%, 03/01/34 $ 1,025 $ 1,033 Westar Energy, Inc., 7.875%, 05/01/07 630 687 --------- 4,586 --------- ENTERTAINMENT (0.1%) GTECH Holdings Corp., 4.750%, 10/15/10 270 268 --------- FOREST & PAPER PRODUCTS (0.4%) International Paper Co., 5.500%, 01/15/14 510 520 Weyerhaeuser Co., 6.750%, 03/15/12 405 454 Weyerhaeuser Co., 7.375%, 03/15/32 270 312 --------- 1,286 --------- GAS (0.1%) Sempra Energy, 4.750%, 05/15/09 (d) 405 410 --------- HEALTH CARE (0.3%) Anthem Insurance, Inc., 9.000%, 04/01/27 (d) 440 594 WellPoint Health Network, Inc., 6.375%, 06/15/06 405 422 --------- 1,016 --------- HOME BUILDERS (0.3%) Lennar Corp., 5.950%, 03/01/13 315 329 Pulte Homes, Inc., 4.875%, 07/15/09 495 499 --------- 828 --------- HOUSEHOLD PRODUCTS/WARES (0.2%) Dial Corp., 7.000%, 08/15/06 585 620 --------- INSURANCE (1.1%) Berkshire Hathaway Finance, 3.375%, 10/15/08 1,195 1,175 MetLife, Inc., 5.250%, 12/01/06 360 372 Monumental Global Funding, 5.200%, 01/30/07 (d) 900 936 Prudential Financial, Inc., 3.750%, 05/01/08 325 322 Prudential Financial, Inc., Ser B, 5.100%, 09/20/14 505 499 --------- 3,304 ---------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- INVESTMENT COMPANIES (0.2%) Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 $ 615 $ 682 --------- LEISURE TIME (0.1%) Harley-Davidson, Inc., 3.625%, 12/15/08 (d) 405 399 --------- LODGING (0.1%) Marriot International, Inc., Ser C, 7.875%, 09/15/09 135 154 --------- MEDIA (1.3%) Comcast Cable Communications, Inc., 7.125%, 06/15/13 1,120 1,267 Cox Communications, Inc, 4.625%, 06/01/13 585 545 News America Holdings, Inc., 9.250%, 02/01/13 540 691 Time Warner, Inc., 6.750%, 04/15/11 355 395 Time Warner, Inc., 7.625%, 04/15/31 495 580 Univision Communications, Inc., 7.850%, 07/15/11 (d) 360 418 --------- 3,896 --------- MINING (0.7%) Barrick Gold Finance, Inc., 7.500%, 05/01/07 225 244 Codelco, Inc., 5.500%, 10/15/13 (d) 720 739 Inco Ltd., 7.750%, 05/15/12 1,030 1,209 --------- 2,192 --------- MISCELLANEOUS MANUFACTURES (0.9%) General Electric Co., 5.000%, 02/01/13 2,555 2,594 --------- OIL & GAS (1.1%) Devon Financing Corp. ULC, 7.875%, 09/30/31 375 462 Enterprise Products Operating LP, Ser B, 6.875%, 03/01/33 475 489 Motiva Enterprises LLC, 5.200%, 09/15/12 (d) 305 310 Pennzoil Co., 10.250%, 11/01/05 90 95 Phillips Petroleum Co., 6.375%, 03/30/09 675 736
9 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) BALANCED FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- OIL & GAS--CONTINUED Phillips Petroleum Co., 8.750%, 05/25/10 $ 525 $ 639 XTO Energy, Inc., 6.250%, 04/15/13 630 683 --------- 3,414 --------- PACKAGING & CONTAINERS (0.1%) Packaging Corp. of America, 5.750%, 08/01/13 405 413 --------- PIPELINES (0.6%) CenterPoint Energy Resources, Ser B, 7.875%, 04/01/13 765 898 K N Capital Trust III, 7.630%, 04/15/28 575 630 K N Energy, Inc., 7.250%, 03/01/28 270 300 --------- 1,828 --------- PRINTING & PUBLISHING (0.2%) R.R. Donnelly & Sons Co., 3.750%, 04/01/09 630 618 --------- REITS (0.1%) Simon Property Group LP, 6.375%, 11/15/07 (d) 235 251 --------- SAVINGS & LOAN (0.2%) Golden West Financial Corp., 4.125%, 08/15/07 725 735 --------- TELECOMMUNICATIONS (0.9%) SBC Communications, Inc., 5.625%, 06/15/16 100 102 SBC Communications, Inc., 6.450%, 06/15/34 565 583 Sprint Capital Corp., 8.750%, 03/15/32 1,030 1,327 TELUS Corp., 8.000%, 06/01/11 495 579 --------- 2,591 --------- TRANSPORTATION (0.3%) FedEx Corp., 3.500%, 04/01/09 900 876 --------- Total Corporate Bonds (Cost $53,734) 54,445 ---------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- U.S. GOVERNMENT AGENCIES (0.7%) GINNIE MAE (0.7%) 8.500%, 04/15/31 $ 484 $ 529 8.000%, 08/15/31 677 736 8.000%, 09/15/31 721 785 --------- Total U.S. Government Agencies (Cost $1,978) 2,050 --------- U.S. TREASURY OBLIGATIONS (24.4%) U.S. TREASURY BONDS (2.6%) 5.375%, 02/15/31 (e) 7,315 7,699 --------- U.S. TREASURY INFLATION PROTECTED BONDS (4.7%) 1.875%, 07/15/13 9,685 10,230 3.875%, 04/15/29 2,425 3,701 --------- 13,931 --------- U.S. TREASURY NOTES (17.1%) 1.625%, 01/31/05 8,515 8,508 1.500%, 02/28/05 11,010 10,993 3.500%, 11/15/06 11,955 12,067 2.875%, 11/30/06 5,585 5,570 3.125%, 05/15/07 9,660 9,655 3.500%, 11/15/09 2,785 2,760 3.875%, 02/15/13 780 762 4.250%, 11/15/14 440 436 --------- 50,751 --------- Total U.S. Treasury Obligations (Cost $71,944) 72,381 --------- EXCHANGE TRADED FUNDS (2.7%) SPDR Trust, Series 1 67,000 7,895 --------- Total Exchange Traded Funds (Cost $7,452) 7,895 --------- YANKEE BOND (1.6%) MEDIA (0.2%) British Sky Broadcasting Group, 6.875%, 02/23/09 675 738 --------- MISCELLANEOUS MANUFACTURES (0.2%) Tyco International Group SA, 6.000%, 11/15/13 250 269 Tyco International Group SA, 6.875%, 01/15/29 245 275 --------- 544 --------- OIL & GAS (0.3%) BP Capital Markets PLC, 4.000%, 04/29/05 755 759 ---------
10 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- SOVEREIGN (0.6%) United Mexican States, 8.300%, 08/15/31 $ 1,520 $ 1,722 --------- TELECOMMUNICATIONS (0.3%) Deutsche Telekom International Finance, 9.250%, 06/01/32 360 501 Verizon Global Funding Corp., 7.750%, 12/01/30 420 504 --------- 1,005 --------- Total Yankee Bond (Cost $4,667) 4,768 --------- SHORT-TERM INVESTMENTS (3.0%) Boston Global Investment Trust -- Enhanced Portfolio (f) 8,770,000 8,770 --------- Total Short-Term Investments (Cost $8,770) 8,770 ---------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- REPURCHASE AGREEMENTS (5.0%) Deutsche Bank, 1.905% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $14,814,771 (collateralized by U.S Treasury Notes; total market value $15,110,882) $ 14,814 $ 14,814 --------- Total Repurchase Agreements (Cost $14,814) 14,814 --------- Total Investments (Cost $300,460) (a) -- 107.6% 319,590 Liabilities in excess of other assets -- (7.6)% (22,655) --------- Net Assets -- 100.0% $ 296,935 =========
See notes to schedules of portfolio investments and notes to financial statements. 11 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) CAPITAL APPRECIATION FUND
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- COMMON STOCKS (96.4%) CONSUMER DISCRETIONARY (15.7%) Harley-Davidson, Inc. 500,000 $ 28,910 Home Depot, Inc. (The) 867,000 36,197 J. C. Penney Co., Inc. 552,500 21,327 Kohl's Corp. * 450,000 20,772 Lowe's Cos., Inc. 238,700 13,207 Marriott International, Inc., Class A 441,500 25,099 Staples, Inc. 694,900 22,174 Target Corp. 725,000 37,135 Time Warner, Inc. * 2,132,300 37,763 Walt Disney Co. (The) 1,425,000 38,304 ---------- 280,888 ---------- CONSUMER STAPLES (7.8%) Avon Products, Inc. 753,000 28,268 Gillette Co. (The) 821,100 35,710 Kimberly-Clark Corp. 355,500 22,613 Sara Lee Corp. 740,100 17,378 Walgreen Co. 950,000 36,270 ---------- 140,239 ---------- ENERGY (4.3%) Anadarko Petroleum Corp. 258,500 17,992 Exxon Mobil Corp. 1,156,500 59,270 ---------- 77,262 ---------- FINANCIALS (19.0%) American Express Co. 843,300 46,981 American International Group, Inc. 293,500 18,593 Bank of New York Co., Inc. (The) 464,000 15,270 Chubb Corp. (The) 468,400 35,697 Citigroup, Inc. 359,700 16,097 Comerica, Inc. 305,800 18,807 Freddie Mac 470,000 32,082 Goldman Sachs Group, Inc. (The) 280,000 29,333 MGIC Investment Corp. (e) 500,000 34,000 SLM Corp. 547,500 28,016 U.S. Bancorp 1,118,900 33,153 Wells Fargo & Co. 518,200 32,009 ---------- 340,038 ----------
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- HEALTH CARE (11.1%) Biomet, Inc. 694,000 $ 33,222 Boston Scientific Corp. * 773,600 26,929 Johnson & Johnson 550,400 33,200 Medtronic, Inc. 722,600 34,721 St. Jude Medical, Inc. * 881,400 33,617 Stryker Corp. 826,000 36,335 ---------- 198,024 ---------- INDUSTRIALS (18.0%) Boeing Co. (The) 615,000 32,945 Danaher Corp. 386,600 21,990 Deere & Co. 411,000 29,481 Dover Corp. 406,000 16,423 Emerson Electric Co. 444,800 29,722 General Electric Co. 1,003,300 35,476 Honeywell International, Inc. 454,000 16,040 Illinois Tool Works, Inc. 195,000 18,375 L-3 Communications Holdings, Inc. 294,000 21,879 Northrop Grumman Corp. (e) 581,500 32,756 Parker Hannifin Corp. 344,500 25,769 Raytheon Co. 666,000 26,866 Southwest Airlines Co. 900,000 14,157 ---------- 321,879 ---------- INFORMATION TECHNOLOGY (19.6%) Amdocs Ltd. * 864,000 22,334 Automatic Data Processing, Inc. 485,000 22,082 Avaya, Inc. * 1,650,300 27,098 Cadence Design Systems, Inc. (e) * 922,500 12,675 CDW Corp. 238,500 15,674 Cisco Systems, Inc. * 1,852,800 34,666 Computer Sciences Corp. * 264,300 14,299 Dell, Inc. * 458,100 18,562 EMC Corp. * 2,045,800 27,455 Lexmark International, Inc., Class A * 385,000 32,687 Microsoft Corp. 1,480,500 39,692 NCR Corp. * 360,343 21,523 Oracle Corp. * 1,754,000 22,206
12 (Unaudited)
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Tellabs, Inc. * 2,807,000 $ 24,000 VeriSign, Inc. * 456,400 15,016 ---------- 349,969 ---------- MATERIALS (0.9%) Air Products and Chemicals, Inc. 285,300 16,333 ---------- Total Common Stocks (Cost $1,543,116) 1,724,632 ---------- EXCHANGE TRADED FUNDS (3.0%) SPDR Trust, Series 1 463,000 54,555 ---------- Total Exchange Traded Funds (Cost $51,499) 54,555 ---------- SHORT-TERM INVESTMENTS (0.6%) Boston Global Investment Trust -- Enhanced Portfolio (f) 9,964,425 9,964 ---------- Total Short-Term Investments (Cost $9,964) 9,964 ---------- Total Investments (Cost $1,604,579) (a) -- 100.0% 1,789,151 Liabilities in excess of other assets -- 0.0% (32) ---------- Net Assets -- 100.0% $1,789,119 ==========
See notes to schedules of portfolio investments and notes to financial statements. 13 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) EMERGING GROWTH STOCK FUND
- --------------------------------------------------------- Shares or Principal Amount Value - --------------------------------------------------------- COMMON STOCKS (95.1%) CONSUMER DISCRETIONARY (12.5%) Blue Nile, Inc. * 30,200 $ 778 Coach, Inc. * 7,000 349 Dick's Sporting Goods, Inc. * 4,600 166 Getty Images, Inc. * 3,400 198 Univision Communications, Inc., Class A * 5,000 151 Urban Outfitters, Inc. * 12,300 522 -------- 2,164 -------- CONSUMER STAPLES (3.0%) Whole Foods Market, Inc. 5,700 517 -------- FINANCIALS (12.5%) Affiliated Managers Group, Inc. * 11,000 697 BlackRock, Inc., Class A 9,100 678 Investors Financial Services Corp. 18,200 799 -------- 2,174 -------- HEALTH CARE (20.6%) Align Technology, Inc. * 800 8 Biosite, Inc. * 7,000 390 Cephalon, Inc. * 10,000 475 eResearch Technology, Inc. * 31,200 460 Kyphon, Inc. * 14,900 358 Martek Biosciences Corp. * 10,000 389 Medicis Pharmaceutical Corp., Class A 14,500 534 Neurocrine Biosciences, Inc. * 5,400 248 SurModics, Inc. * 2,800 84 Wright Medical Group, Inc. * 23,500 623 -------- 3,569 -------- INDUSTRIALS (9.3%) AirTran Holdings, Inc. * 32,700 387 Corporate Executive Board Co. (The) 7,800 523 Portfolio Recovery Associates, Inc. * 18,700 701 -------- 1,611 -------- INFORMATION TECHNOLOGY (32.6%) Adobe Systems, Inc. 6,500 394
- --------------------------------------------------------- Shares or Principal Amount Value - --------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Akamai Technologies, Inc. * 11,200 $ 145 Apple Computer, Inc. * 14,700 987 aQuantive, Inc. * 38,300 333 Avaya, Inc. * 12,000 197 Broadcom Corp., Class A * 8,900 289 CNET Networks, Inc. * 46,500 433 Cogent, Inc. * 2,000 67 Cognizant Technology Solutions Corp., Class A * 18,000 687 Euronet Worldwide, Inc. * 13,200 325 JAMDAT Mobile, Inc. * 12,300 281 Juniper Networks, Inc. * 14,500 399 NAVTEQ Corp. * 5,200 224 UTStarcom, Inc. * 27,600 539 ViaSat, Inc. * 18,100 378 -------- 5,678 -------- TELECOMMUNICATION SERVICES (4.6%) Crown Castle International Corp. * 26,900 454 Nextel Partners, Inc., Class A * 18,700 338 -------- 792 -------- Total Common Stocks (Cost $15,292) 16,505 -------- REPURCHASE AGREEMENTS (5.8%) Merrill Lynch, 1.995% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $998,554 (collateralized by GNMA obligations; total market value $1,020,138) $ 998 998 -------- Total Repurchase Agreements (Cost $998) 998 -------- Total Investments (Cost $16,290) (a) -- 100.9% 17,503 Liabilities in excess of other assets -- (0.9)% (159) -------- Net Assets -- 100.0% $ 17,344 ========
See notes to schedules of portfolio investments and notes to financial statements. 14 (Unaudited) GROWTH AND INCOME FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- COMMON STOCKS (99.3%) CONSUMER DISCRETIONARY (9.8%) Advance Auto Parts, Inc. * 350,000 $ 14,441 Gannett Co., Inc. 125,000 10,311 Jones Apparel Group, Inc. 100,000 3,553 Kohl's Corp. * 225,000 10,386 Lowe's Cos., Inc. 50,000 2,767 May Department Stores Co. (The) 300,000 8,436 Target Corp. 250,000 12,805 Viacom, Inc., Class B 600,000 20,820 Walt Disney Co. (The) 500,000 13,440 ---------- 96,959 ---------- CONSUMER STAPLES (9.9%) Archer Daniels Midland Co. 900,000 19,079 Clorox Co. (The) 250,000 13,780 Kimberly-Clark Corp. 150,000 9,542 PepsiCo, Inc. 200,000 9,982 Sara Lee Corp. 650,000 15,262 SYSCO Corp. 50,000 1,738 Wal-Mart Stores, Inc. 350,000 18,221 Wm. Wrigley Jr. Co. 150,000 10,320 ---------- 97,924 ---------- ENERGY (8.7%) Anadarko Petroleum Corp. 150,000 10,440 Burlington Resources, Inc. 200,000 9,282 ChevronTexaco Corp. 250,000 13,650 ConocoPhillips 150,000 13,649 Exxon Mobil Corp. 400,000 20,500 Kerr-McGee Corp. 300,000 18,669 ---------- 86,190 ---------- FINANCIALS (23.7%) American International Group, Inc. 150,000 9,503 Bank of America Corp. 450,000 20,821 Berkshire Hathaway, Inc., Class B (e) * 6,000 16,680 Cincinnati Financial Corp. 325,000 14,560 Citigroup, Inc. 525,000 23,493 Fannie Mae 75,000 5,153 Fifth Third Bancorp 225,000 11,331 Genworth Financial, Inc., Class A 650,000 17,095 Goldman Sachs Group, Inc. (The) 125,000 13,095 Jefferson-Pilot Corp. 50,000 2,460 MBNA Corp. 400,000 10,624
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FINANCIALS--CONTINUED MGIC Investment Corp. 125,000 $ 8,500 Morgan Stanley 175,000 8,881 Principal Financial Group, Inc. 500,000 18,840 Prudential Financial, Inc. 400,000 19,580 U.S. Bancorp 600,000 17,778 Wells Fargo & Co. 250,000 15,443 ---------- 233,837 ---------- HEALTH CARE (10.1%) Abbott Laboratories 150,000 6,294 Anthem, Inc. * 200,000 20,266 Bristol-Myers Squibb Co. 800,000 18,800 Express Scripts, Inc. * 125,000 8,995 Johnson & Johnson 170,000 10,254 Medtronic, Inc. 100,000 4,805 Pfizer, Inc. 1,100,000 30,547 ---------- 99,961 ---------- INDUSTRIALS (13.1%) Cendant Corp. 700,000 15,869 Cooper Industries Ltd., Class A 200,000 13,262 Emerson Electric Co. 150,000 10,023 General Electric Co. 600,000 21,216 Honeywell International, Inc. 400,000 14,132 Illinois Tool Works, Inc. 75,000 7,067 Norfolk Southern Corp. 300,000 10,299 Rockwell Automation, Inc. 350,000 16,555 Textron, Inc. 175,000 12,709 United Technologies Corp. 90,000 8,782 ---------- 129,914 ---------- INFORMATION TECHNOLOGY (10.9%) Agilent Technologies, Inc. * 700,000 16,022 First Data Corp. 250,000 10,273 Intel Corp. 275,000 6,146 International Business Machines Corp. 100,000 9,424 Microsoft Corp. 550,000 14,746 Nokia Corp. ADR (e) 900,000 14,553 Storage Technology Corp. (e) * 400,000 11,656 SunGard Data Systems, Inc. * 500,000 13,255 Texas Instruments, Inc. 500,000 12,090 ---------- 108,165 ----------
15 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) GROWTH AND INCOME FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MATERIALS (4.5%) E.I. du Pont de Nemours & Co. 250,000 $ 11,330 International Paper Co. 150,000 6,228 Praxair, Inc. 300,000 13,470 Sigma-Aldrich Corp. 225,000 13,439 ---------- 44,467 ---------- TELECOMMUNICATION SERVICES (3.1%) ALLTEL Corp. 50,000 2,835 Verizon Communications, Inc. 350,000 14,430 Vodafone Group PLC ADR 500,000 13,635 ---------- 30,900 ---------- UTILITIES (5.5%) American Electric Power Co., Inc. 450,000 15,377 Edison International 400,000 12,760 Exelon Corp. 325,000 13,556 Questar Corp. 145,000 7,367 SCANA Corp. 150,000 5,748 ---------- 54,808 ---------- Total Common Stocks (Cost $783,769) 983,125 ----------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- SHORT-TERM INVESTMENTS (2.3%) Boston Global Investment Trust -- Enhanced Portfolio (f) 22,465,400 $ 22,465 ---------- Total Short-Term Investments (Cost $22,465) 22,465 ---------- MONEY MARKET FUNDS (0.4%) Federated Prime Value Obligations Fund, Class I 3,914,455 3,914 ---------- Total Money Market Funds (Cost $3,914) 3,914 ---------- Total Investments (Cost $810,148) (a) -- 102.0% 1,009,504 Liabilities in excess of other assets -- (2.0)% (19,648) ---------- Net Assets -- 100.0% $ 989,856 ==========
See notes to schedules of portfolio investments and notes to financial statements. 16 (Unaudited) INFORMATION AND TECHNOLOGY FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- COMMON STOCKS (92.7%) CONSUMER DISCRETIONARY (9.1%) Corning, Inc. * 23,050 $ 290 eBay, Inc. * 1,195 134 Garmin Ltd. 4,254 248 Getty Images, Inc. (e) * 4,302 251 J. C. Penney Co., Inc. 5,441 210 UnitedGlobalCom, Inc. * 24,965 208 ------- 1,341 ------- CONSUMER STAPLES (1.1%) Bunge Limited 3,131 165 ------- HEALTH CARE (13.6%) Applera Corp. Biosystems 7,424 152 Biogen Idec, Inc. * 1,818 107 Caremark Rx, Inc. * 12,592 449 Eyetech Pharm, Inc. (e) * 7,544 304 Genentech, Inc. * 841 41 Kindred Healthcare, Inc. * 9,299 254 Laboratory Corp. of America Holdings * 1,472 71 Teva Pharmaceutical Industries Ltd. 8,683 237 UnitedHealth Group, Inc. 1,346 112 Universal Health Services, Inc. 6,059 276 ------- 2,003 ------- INDUSTRIALS (4.0%) Engineered Support Systems, Inc. (e) 2,486 137 Monster Worldwide, Inc. (e) * 16,002 451 ------- 588 ------- INFORMATION TECHNOLOGY (62.9%) O2Micro International Ltd. (e) * 2,898 35 Affiliated Computer Services -- Class A * 2,473 146 Alcatel ADR * 18,227 283 Amdocs Ltd. (e) * 5,075 131 Avaya, Inc. (e) * 26,900 442 Business Objectives S.A. * 9,684 225 Cadence Design Systems, Inc. (e) * 11,836 163 Checkfree Corp. (e) * 4,869 180 Cisco Systems, Inc. * 19,225 360 Cognizant Technology Solutions Corp., 3,813 145 Class A *
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Cognos, Inc. * 4,297 $ 169 Computer Associates International, Inc. 10,842 331 Comverse Technology, Inc. * 9,523 203 Electronics for Imaging, Inc. (e)* 6,047 101 EMC Corp. * 22,232 298 Filenet Corp. * 4,500 121 First Data Corp. 3,382 139 Fiserv, Inc. (e) * 6,081 234 Freescale Semiconductor, Inc. * 2,286 40 International Business Machines Corp. 4,252 401 Intuit, Inc. * 3,331 139 Lexmark International, Inc., Class A * 3,796 322 McAfee, Inc. * 2,867 83 Microsemi Corp. * 2,261 40 Microsoft Corp. 29,054 780 Motorola, Inc. 9,646 186 NCR Corp. * 7,680 460 Nokia Corp. ADR 16,587 268 Oracle Corp. * 30,682 388 Qlogic Corp. * 4,139 142 Quest Software, Inc. * 9,213 143 Sanmina Corp. * 15,407 136 Scientific-Atlanta, Inc. 9,724 288 Sigmatel Inc. * 6,318 226 Sybase, Inc. * 22,086 381 Telefonaktiebolaget LM Ericsson ADR * 6,564 218 UTStarcom, Inc. (e) * 19,415 379 VeriSign, Inc. * 13,133 432 Wind River Systems, Inc. * 10,508 127 ------- 9,285 ------- TELECOMMUNICATION SERVICES (2.0%) MCI, Inc. 16,013 302 ------- Total Common Stocks (Cost $12,088) 13,684 ------- DEPOSITARY RECEIPTS (2.0%) Nasdaq 100 Share Index 7,609 298 ------- Total Depositary Receipts (Cost $279) 298 -------
17 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) INFORMATION AND TECHNOLOGY FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- SHORT-TERM INVESTMENTS (13.9%) Boston Global Investment Trust -- Enhanced Portfolio (f) 2,047,750 $ 2,048 ------- Total Short-Term Investments (Cost $2,048) 2,048 ------- REPURCHASE AGREEMENT (4.7%) Dresdner, 1.875% dated 11/30/04, to be repurchased on 12/1/04, repurchase price $686,440 (collateralized by U.S. Government obligations; total market value $702,706) $ 686 686 ------- Total Repurchase Agreement (Cost $686) 686 ------- Total Investments (Cost $15,101) (a) -- 113.3% 16,716 Liabilities in excess of other assets -- (13.3)% (1,968) ------- Net Assets -- 100.0% $14,748 =======
See notes to schedules of portfolio investments and notes to financial statements. 18 (Unaudited) INTERNATIONAL EQUITY FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FOREIGN COMMON STOCK (97.9%) AUSTRALIA (4.9%) Australia & New Zealand Banking 140,647 $ 2,176 Group Ltd. (e) BlueScope Steel Ltd. (e) 346,468 2,254 Boral Ltd. 366,618 1,952 News Corp. Ltd. (The), Class B (e) 29,073 521 Orica Ltd. 138,779 2,099 Origin Energy Ltd. (e) 119,461 650 Pacific Brands Ltd. (e) 608,587 1,550 Publishing & Broadcasting Ltd. (e) 181,650 2,193 Qantas Airways Ltd. (e) 862,489 2,383 QBE Insurance Group Ltd. 188,900 2,034 West Australian Newspapers Holdings Ltd. (e) 164,090 1,078 Westpac Banking Corp. 157,582 2,254 --------- 21,144 --------- BELGIUM (1.0%) Delhaize Group (e) 33,502 2,573 Fortis 63,638 1,678 --------- 4,251 --------- DENMARK (1.2%) Danske Bank A/S 85,955 2,568 TDC A/S 67,400 2,765 --------- 5,333 --------- FINLAND (1.7%) Fortum Corp. 179,500 3,111 Nokia Corp. 201,446 3,276 Tietoenator Oyj 35,875 1,109 --------- 7,496 --------- FRANCE (9.5%) Alcatel * 107,709 1,681 AXA 127,440 2,984 BNP Paribas 67,792 4,711 Bouygues SA 31,600 1,359 Compagnie de Saint-Gobain 28,252 1,607 France Telecom SA 84,535 2,655 Lafarge SA 25,464 2,391 Metropole Television SA 31,600 819 Pernod Ricard 10,944 1,633 PSA Peugeot Citroen SA 21,591 1,320 Sanofi-Aventis 40,772 3,070 Schneider Electric SA 20,621 1,432 Societe Generale 37,180 3,590
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FRANCE--CONTINUED SUEZ SA 63,656 $ 1,497 TOTAL SA (e) 27,247 5,964 VINCI (e) 20,931 2,591 Vivendi Universal SA * 65,651 1,937 --------- 41,241 --------- GERMANY (7.8%) Adidas-Salomon AG 18,500 2,902 Allianz Group 24,846 3,111 BASF AG 42,842 2,892 Bayer AG 25,014 794 Bayerische Motoren Werke AG 17,159 727 Continental AG 28,700 1,753 DaimlerChrysler AG 37,800 1,688 Deutsche Bank AG 11,618 984 Deutsche Telekom AG * 177,787 3,771 E.ON AG 45,650 3,849 METRO AG 45,228 2,281 SAP AG 11,599 2,073 Schering AG 45,962 3,275 Siemens AG 46,310 3,708 --------- 33,808 --------- HONG KONG (2.1%) Bank of East Asia Ltd. 339,127 1,066 BOC Hong Kong (Holdings) Ltd. 434,500 816 Cheung Kong (Holdings) Ltd. 239,000 2,305 CNOOC Ltd. 2,270,000 1,292 Esprit Holdings Ltd. 185,000 1,018 Hang Lung Properties Ltd. 181,000 283 Hutchison Telecommunications International Ltd. 1,929 2 Hutchison Whampoa Ltd. 144,700 1,293 Orient Overseas (International) Ltd. 305,000 1,163 --------- 9,238 --------- IRELAND (0.4%) CRH PLC 76,315 1,927 --------- ITALY (3.0%) Banca Intesa SpA 451,093 1,996 Eni SpA 188,773 4,633 Mediaset SpA 222,271 2,691 Saipem SpA 41,392 491
19 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) INTERNATIONAL EQUITY FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- ITALY--CONTINUED Telecom Italia SpA 575,550 $ 2,207 UniCredito Italiano SpA 221,668 1,223 --------- 13,241 --------- JAPAN (21.3%) Aisin Seiki Co. Ltd. 59,900 1,289 Asahi Breweries Ltd. 168,100 1,988 Asahi Glass Co. Ltd. (e) 195,000 2,142 Bank of Fukuoka Ltd. (The) 222,000 1,409 Bridgestone Corp. 59,000 1,069 Canon, Inc. 55,800 2,798 Chubu Electric Power Co., Inc. 46,600 1,087 Citizen Watch Co. Ltd. (e) 106,000 963 Credit Saison Co. Ltd. 41,500 1,399 Daiichi Pharmaceutical Co. Ltd. 83,200 1,657 Daiwa Securities Group, Inc. 129,000 883 DENSO Corp. 30,800 738 East Japan Railway Co. 381 2,096 Fuji Photo Film Co. Ltd. 68,300 2,403 Hankyu Department Stores, Inc. 53,000 405 Hitachi Chemical Co. Ltd. 43,900 759 Hitachi Ltd. 286,000 1,854 Honda Motor Co. Ltd. 33,300 1,595 Ibiden Co. Ltd. (e) 48,700 832 Japan Tobacco, Inc. 181 1,715 JFE Holdings, Inc. 41,500 1,194 Joyo Bank Ltd. (The) 269,000 1,260 Kaneka Corp. 78,000 855 Kansai Electric Power Co., Inc. (The) 62,200 1,209 Kao Corp. 17,000 410 Komatsu Ltd. 156,000 1,063 Kubota Corp. 147,000 727 Kyocera Corp. 14,100 993 Kyushu Electric Power Co., Inc. 110,600 2,193 Marubeni Corp. 325,000 922 Matsushita Electric Industrial Co. Ltd. 102,000 1,518 Matsushita Electric Works Ltd. 148,000 1,269 Mitsubishi Corp. 113,500 1,437 Mitsubishi Electric Corp. 225,000 1,104 Mitsubishi Estate Co. Ltd. 82,000 928 Mitsubishi Tokyo Financial Group, Inc. 209 1,979
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- JAPAN--CONTINUED Mitsui & Co. Ltd. (e) 123,000 $ 1,066 Mitsui Fudosan Co. Ltd. 117,000 1,368 Mitsui O.S.K. Lines Ltd. 305,000 1,894 Mizuho Financial Group, Inc. 152 662 Nintendo Co. Ltd. 9,700 1,167 Nippon Oil Corp. 183,000 1,204 Nippon Steel Corp. 387,000 955 Nippon Telegraph & Telephone Corp. 255 1,145 Nippon Yusen KK 277,000 1,475 NTT DoCoMo, Inc. 948 1,649 OMRON Corp. 59,100 1,353 ORIX Corp. 9,800 1,248 Osaka Gas Co. Ltd. 266,000 812 Resona Holdings, Inc. * 466,000 824 Sankyo Co. Ltd. 24,000 1,082 Sankyo Co. Ltd. (Gunma) 86,000 1,684 Seiko Epson Corp. 36,200 1,481 Sekisui Chemical Co. Ltd. 192,000 1,261 Sompo Japan Insurance, Inc. 70,000 671 Sumitomo Chemical Co. Ltd. 220,000 1,097 Sumitomo Metal Industries Ltd. 655,000 872 Sumitomo Metal Mining Co. Ltd. 170,000 1,275 Sumitomo Mitsui Financial Group, Inc. 182 1,265 Sumitomo Trust & Banking Co. Ltd. (The) 259,000 1,726 Takeda Pharmaceutical Co. Ltd. 54,100 2,661 Terumo Corp. 49,200 1,262 Tokyo Electric Power Co., Inc. (The) 128,300 3,066 Toray Industries, Inc. 306,000 1,347 Toyota Motor Corp. 143,500 5,383 West Japan Railway Co. 448 1,828 --------- 92,925 --------- NETHERLANDS (4.3%) ABN AMRO Holding NV 143,871 3,533 Akzo Nobel NV 56,880 2,352 ING Groep NV 141,545 3,895 Royal Dutch Petroleum Co. 45,115 2,584 Royal KPN NV 285,915 2,481 Royal Philips Electronics NV 142,319 3,670 --------- 18,515 ---------
20 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- NEW ZEALAND (0.6%) Fletcher Building Ltd. 589,023 $ 2,603 --------- NORWAY (1.3%) Orkla ASA 75,000 2,312 Statoil ASA 101,700 1,609 Telenor ASA 201,911 1,778 --------- 5,699 --------- SINGAPORE (0.6%) DBS Group Holdings Ltd. 141,000 1,360 Fraser and Neave Ltd. 60,130 536 Singapore Telecommunications Ltd. 368,650 533 --------- 2,429 --------- SPAIN (4.0%) Altadis SA 28,974 1,183 Banco Santander Central Hispano SA 272,843 3,278 Endesa SA 112,117 2,414 Gamesa Corporacion Tecnologica SA 30,401 401 Gestevision Telecinco SA * 9,245 175 Repsol YPF SA 157,895 3,848 Sociedad General de Aguas de Barcelona SA, Class A 54,329 1,015 Telefonica SA 243,823 4,283 Union Fenosa SA 30,920 796 --------- 17,393 --------- SWEDEN (3.5%) Autoliv, Inc. 22,297 1,047 Electrolux AB, Ser B 25,900 571 Nordea Bank AB 398,200 3,912 Sandvik AB 31,865 1,290 Svenska Handelsbanken AB, Class A 93,600 2,285 Telefonaktiebolaget LM Ericsson * 1,341,948 4,475 Volvo AB, Class B 44,700 1,827 --------- 15,407 --------- SWITZERLAND (5.7%) Credit Suisse Group 92,845 3,621 Nestle SA 15,619 4,008 Novartis AG 153,679 7,362 Roche Holding Ltd. 23,633 2,488 UBS AG 58,887 4,758 Zurich Financial Services 18,090 2,784 --------- 25,021 ---------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- UNITED KINGDOM (25.0%) "Shell" Transport & Trading Co. PLC (The) 561,994 $ 4,725 Alliance UniChem PLC 171,213 2,352 Anglo Irish Bank Corp. PLC 118,349 2,679 AstraZeneca PLC 56,200 2,196 Aviva PLC 351,575 3,893 Balfour Beatty PLC 346,244 1,995 Barclays PLC 441,658 4,558 BHP Billiton PLC 354,400 4,145 BP PLC 1,174,320 11,984 BPB PLC 295,300 2,483 British American Tobacco PLC 125,590 2,110 BT Group PLC 572,868 2,129 Burberry Group PLC 191,952 1,463 Centrica PLC 349,907 1,657 CRH PLC 1,280 32 Dixons Group PLC 694,974 1,936 George Wimpey PLC 423,313 2,891 GlaxoSmithKline PLC 313,524 6,597 HBOS PLC 355,954 4,982 HMV Group PLC 287,200 1,312 HSBC Holdings PLC 603,393 10,273 Kesa Electricals PLC 337,706 1,746 Legal & General Group PLC 583,300 1,184 mmO2 PLC * 956,558 2,088 Next PLC 92,252 2,828 Northern Rock PLC 79,842 1,106 Pennon Group PLC 13,710 232 Pilkington PLC 1,154,180 2,365 Royal Bank of Scotland Group PLC (The) 58,501 1,798 SABMiller PLC 166,900 2,808 Tesco PLC 620,711 3,576 Vodafone Group PLC 2,820,112 7,653 Whitbread Group PLC 143,373 2,186 William Hill Organization Ltd. 250,376 2,488 --------- 108,450 --------- Total Foreign Common Stock (Cost $337,445) 426,121 ---------
21 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) INTERNATIONAL EQUITY FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- RIGHTS (0.0%) SPAIN (0.0%) Sociedad General de Aguas de Barcelona SA * 54,329 $ 10 --------- Total Rights (Cost $0) 10 --------- SHORT-TERM INVESTMENTS (6.0%) Boston Global Investment Trust -- Enhanced Portfolio (f) 23,447,309 23,448 Brown Brothers Harriman & Co., Cayman Islands Cash Sweep 2,566,318 2,566 --------- Total Short-Term Investments (Cost $26,014) 26,014 --------- Total Investments (Cost $363,459) (a) -- 103.9% 452,145 Liabilities in excess of other assets -- (3.9)% (16,835) --------- Net Assets -- 100.0% $ 435,310 =========
The investment concentrations for the International Equity Fund as a percentage of value, by industry, as of November 30, 2004, were as follows: Cash and Equivalents 6.0% Consumer Discretionary 13.4 Consumer Staples 6.2 Energy 9.0 Financials 25.4 Health Care 8.1 Industrials 9.7 Information Technology 5.5 Materials 7.2 Telecommunication Services 8.2 Utilities 5.2
See notes to schedules of portfolio investments and notes to financial statements. 22 (Unaudited) INTERNATIONAL EQUITY INDEX FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- COMMON STOCK (0.0%) UNITED STATES (0.0%) Ship Finance International 820 $ 21 -------- Total Common Stock (Cost $2) 21 -------- EXCHANGE TRADED FUNDS (1.3%) iShares MSCI EAFE Index Fund (e) 38,700 6,009 -------- Total Exchange Traded Funds (Cost $5,981) 6,009 -------- FOREIGN COMMON STOCK (98.4%) AUSTRALIA (3.1%) Alumina Ltd. 43,904 196 Amcor Ltd. 34,029 195 AMP Ltd. 64,309 341 Australia & New Zealand Banking Group Ltd. 58,640 908 Australian Gas Light Co. 21,185 212 BHP Billiton Ltd. 118,347 1,410 BlueScope Steel Ltd. 32,949 214 Boral Ltd. 26,077 139 Brambles Industries Ltd. (e) 38,740 211 Coca-Cola Amatil Ltd. 23,622 136 Coles Myer Ltd. 41,343 318 Commonwealth Bank of Australia 40,227 975 CSL Ltd. 8,250 169 CSR Ltd. 59,682 118 Foster's Group Ltd. 75,366 314 General Property Trust (e) 82,848 233 Insurance Australia Group Ltd. 56,527 254 John Fairfax Holdings Ltd. 50,890 167 Lend Lease Corp. Ltd. 17,126 161 Macquarie Bank Ltd. 9,246 314 Macquarie Infrastructure Group 77,928 238 Mayne Group Ltd. 34,608 114 Mirvac Group Ltd. 59,294 216 National Australia Bank Ltd. 49,799 1,079 Newcrest Mining Ltd. 12,077 163 Orica Ltd. 11,758 178 Origin Energy Ltd. 34,386 187 QBE Insurance Group Ltd. 24,938 268 Rinker Group Ltd. 33,483 248 Rio Tinto Group 10,584 321 Santos Ltd. 32,124 218 Southcorp Ltd. * 37,600 106
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- AUSTRALIA--CONTINUED Stockland Trust Group 49,778 $ 226 Suncorp-Metway Ltd. 24,989 333 TABCORP Holdings Ltd. 21,511 280 Telstra Corp. Ltd. 70,085 267 Wesfarmers Ltd. 13,764 406 Westfield Group * 50,500 614 Westpac Banking Corp. 55,132 789 WMC Resources Ltd. 41,638 232 Woodside Petroleum Ltd. 18,670 300 Woolworths Ltd. 35,823 415 -------- 14,183 -------- AUSTRIA (1.8%) Bank Austria AG 10,336 879 BOHLER-UDDEHOLM AG 2,779 329 Erste Bank der oesterreichischen Sparkassen AG 33,351 1,698 Flughafen Wien AG 3,712 266 Immofinanz Immobilien Anlagen AG * (e) 38,298 352 Mayr Melnhof Karton AG 1,254 200 OMV AG 3,881 1,024 RHI AG * 6,005 161 Telekom Austria AG 78,568 1,338 VA Technologie AG * 3,525 274 Verbund AG 1,846 374 voestalpine AG (e) 7,613 544 Wienerberger AG 17,537 778 -------- 8,217 -------- BELGIUM (2.1%) Agfa-Gevaert NV 8,894 284 Barco NV 1,431 132 Belgacom SA * 13,448 536 Delhaize Group 5,915 454 Dexia Group 50,715 1,080 Electrabel SA 2,177 878 Fortis 94,478 2,501 Groep Colruyt 1,675 266 Groupe Bruxelles Lambert SA 5,967 465 InBev 14,212 522 KBC Bank & Insurance Holding Co. NV 8,497 633 Mobistar SA * 2,521 211 NV Bekaert SA 1,909 149 NV Umicore SA 2,848 257 Omega Pharma NV 2,117 108 SA D'Ieteren NV 503 95
23 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- BELGIUM--CONTINUED Solvay SA (e) 5,239 $ 578 UCB SA 7,544 390 -------- 9,539 -------- DENMARK (1.4%) A.P. Moller-Maersk A/S 100 818 Carlsberg A/S 3,300 154 Coloplast A/S, Class B 1,547 167 Danisco A/S 4,959 302 Danske Bank A/S 38,368 1,146 DSV A/S 2,500 162 East Asiatic Co. A/S 2,700 138 FLS Industries A/S * 4,200 68 GN Store Nord A/S 21,500 223 H. Lundbeck A/S 7,100 133 ISS A/S 4,628 257 Novo Nordisk A/S, Class B 23,087 1,226 Novozymes A/S, Class B 5,670 268 TDC A/S 16,800 689 Topdanmark A/S * 2,200 166 Vestas Wind Systems A/S * 16,238 188 William Demant Holding * 2,957 131 -------- 6,236 -------- FINLAND (1.0%) Fortum Corp. 14,613 253 Kone Oyj, Class B 2,112 156 Nokia Corp. 173,150 2,816 Orion Corp., Class B 6,300 100 Sampo PLC, Class A 14,952 193 Stora Enso Oyj 23,906 382 Tietoenator Oyj 4,289 133 UPM-Kymmene Corp. 20,100 453 -------- 4,486 -------- FRANCE (10.3%) Accor 11,499 490 Air France (e) 8,402 159 Alcatel * 71,136 1,110 ALSTOM * 262,677 199 Atos Origin SA * 2,730 181 Autoroutes du Sud de la France 5,701 280 AXA 80,624 1,888 BNP Paribas 45,487 3,162 Bouygues SA 11,655 501 Capgemini * 7,602 246 Carrefour SA 33,022 1,568 Casino Guichard-Perrachon SA 2,340 180
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FRANCE--CONTINUED CNP Assurances SA 2,169 $ 147 Compagnie de Saint-Gobain 17,868 1,017 Compagnie Generale des Etablissements Michelin 8,713 503 Credit Agricole SA (e) 37,194 1,101 Dassault Systemes SA 3,424 177 Essilor International SA 6,505 444 Euronext Paris SA 7,452 226 European Aeronautic Defense & Space Co. Eads NV (e) 14,298 432 France Telecom SA 86,216 2,708 Gecina SA 2,620 247 Groupe Danone 13,956 1,244 Hermes International 722 132 Imerys 2,182 167 Klepierre 2,466 211 L'Air Liquide SA 972 168 L'Air Liquide SA (Loyalty Bonus Shares) * (g) 3,710 641 L'Air Liquide SA, Registered Shares (b) 1,693 293 L'Oreal SA 17,708 1,280 Lafarge SA 8,833 829 Lafarge SA (Loyalty Shares) * (g) 997 94 Lagardere SCA 7,511 536 LVMH Moet Hennessy Louis Vuitton SA (e) 14,093 1,002 Pernod Ricard 3,328 497 Pinault-Printemps-Redoute SA 3,920 407 PSA Peugeot Citroen SA 10,237 626 Publicis Groupe SA 7,790 257 Renault SA 10,929 895 Sagem SA 1,221 112 Sanofi-Aventis 56,697 4,269 Schneider Electric SA 12,980 902 Societe BIC 2,997 145 Societe Generale 18,914 1,826 Societe Television Francaise 1 7,188 229 Sodexho Alliance SA (e) 6,529 199 SUEZ SA 46,943 1,104 Technip (e) 1,471 247 Thales (e) 5,361 229 Thomson 14,405 346 TOTAL SA (e) 33,770 7,392 Unibail Holding 2,889 410
24 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FRANCE--CONTINUED Valeo 4,914 $ 194 Veolia Environnement SA 15,767 497 VINCI (e) 4,502 557 Vivendi Universal SA * 59,123 1,744 -------- 46,647 -------- GERMANY (14.3%) Adidas-Salomon AG 5,262 825 Allianz Group 34,261 4,289 ALTANA AG 8,211 448 BASF AG 57,768 3,900 Bayer AG 73,231 2,323 Bayerische Hypo- und Vereinsbank AG * 70,172 1,565 Beiersdorf AG 2,199 237 Celesio AG 4,318 331 Commerzbank AG * 50,190 1,004 Continental AG 13,919 850 DaimlerChrysler AG 96,136 4,293 Deutsche Bank AG 54,734 4,638 Deutsche Boerse AG 12,567 744 Deutsche Lufthansa AG * 27,170 385 Deutsche Post AG 49,510 1,046 Deutsche Telekom AG * 305,406 6,478 Douglas Holding AG 5,621 186 E.ON AG 69,571 5,867 EPCOS AG * 6,564 104 Fresenius Medical Care AG 3,245 179 Heidelberger Druckmaschinen AG 6,967 395 Hypo Real Estate Holding AG * 14,749 571 Infineon Technologies AG * 72,022 796 Karstadt Quelle AG (e) 5,322 55 Linde AG 9,610 590 MAN AG 12,112 460 Merck KGaA 6,116 352 METRO AG 16,362 825 MLP AG (e) 8,185 162 Muenchener Rueckversicherungs AG 20,504 2,328 PUMA AG Rudolf Dassler Sport 1,910 529 RWE AG 43,929 2,339 RWE AG Pfd 4,218 191 SAP AG 22,970 4,106 Schering AG 18,685 1,331 Siemens AG 89,451 7,162 Suedzucker AG 7,554 153
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- GERMANY--CONTINUED ThyssenKrupp AG 34,800 $ 756 TUI AG 14,984 334 Volkswagen AG 25,362 1,141 -------- 64,268 -------- GREECE (1.2%) Alpha Bank SA 21,150 664 Coca-Cola HBC 9,650 238 Cosmote Mobile Telecommunications SA 12,870 233 EFG Eurobank Ergasias SA 19,790 577 Emporiki Bank of Greece SA 6,540 199 Hellenic Duty Free Shops SA 3,540 62 Hellenic Petroleum SA 15,330 161 Hellenic Technodomiki Tev SA 19,480 86 Hellenic Telecommunications Organization SA 27,620 454 Intracom SA 18,580 98 National Bank of Greece SA 28,279 874 OPAP SA 18,380 479 Panafon SA * 23,800 174 Piraeus Bank SA 20,350 320 Public Power Corp. SA 11,880 323 Technical Olympic SA 14,320 78 Titan Cement Co. SA 6,230 173 Viohalco SA 14,050 122 -------- 5,315 -------- HONG KONG (1.0%) Bank of East Asia Ltd. 68,754 216 BOC Hong Kong (Holdings) Ltd. 144,000 271 Cheung Kong (Holdings) Ltd. 56,000 541 CLP Holdings Ltd. 61,100 351 Esprit Holdings Ltd. 35,500 195 Hang Seng Bank Ltd. 24,400 339 Henderson Land Development Co. Ltd. 34,000 177 Hong Kong & China Gas Co. Ltd. (The) 139,237 287 Hongkong Electric Holdings Ltd. 50,500 227 Hutchison Telecommunications International Ltd. 73,827 61 Hutchison Whampoa Ltd. 75,080 671 Johnson Electric Holdings Ltd. 87,500 85
25 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- HONG KONG--CONTINUED Li & Fung Ltd. 84,000 $ 140 PCCW Ltd. 167,326 103 Sun Hung Kai Properties Ltd. 47,600 473 Swire Pacific Ltd. 37,000 297 Wharf (Holdings) Ltd. (The) 51,000 182 -------- 4,616 -------- IRELAND (1.1%) Allied Irish Banks PLC 2,394 47 Allied Irish Banks PLC 54,610 1,060 Bank of Ireland 12,947 285 Bank of Ireland 51,045 779 CRH PLC 33,091 836 DEPFA BANK PLC 40,470 656 Elan Corp. PLC * 24,791 647 Irish Life & Permanent PLC 14,677 254 Irish Life & Permanent PLC 5,420 92 Kerry Group PLC 10,326 237 -------- 4,893 -------- ITALY (9.8%) Alleanza Assicurazioni SpA (e) 56,998 703 Arnoldo Mondadori Editore SpA 16,289 175 Assicurazioni Generali SpA 116,870 3,602 Autogrill SpA * 16,216 253 Autostrade SpA 33,103 807 Banca Antoniana Popolare Veneta SpA * 29,582 708 Banca Fideuram SpA 38,877 192 Banca Intesa SpA 111,467 421 Banca Intesa SpA 400,166 1,770 Banca Monte dei Paschi di Siena SpA 140,865 461 Banca Nazionale del Lavoro SpA * 211,769 518 Banca Popolare di Milano Scarl 53,171 432 Banche Popolari Unite 43,926 865 Banco Popolare di Verona e Novara Scrl 47,423 907 Benetton Group SpA 10,088 121 Bulgari SpA 18,863 216 Capitalia SpA 180,311 707 Edison SpA * 110,379 227 Enel SpA (e) 449,032 4,004 Eni SpA 320,380 7,864 Fiat SpA * 67,982 504
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- ITALY--CONTINUED FinecoGroup SpA * 22,581 $ 168 Finmeccanica SpA 756,213 647 Italcementi SpA 10,716 162 La Rinascente SpA * 15,295 0 Luxottica Group SpA 18,079 353 Mediaset SpA 72,863 882 MEDIOBANCA -- Banca di Credito Finanziario SpA (e) 59,344 859 Mediolanum SpA 33,651 233 Parmalat Finanziaria SpA * (e) (g) 46,288 7 Pirelli & C. SpA 249,186 317 Riunione Adriatica di Sicurta SpA (RAS) 36,918 800 Sanpaolo IMI SpA 117,859 1,618 Seat Pagine Gialle SpA 540,784 220 Snam Rete Gas SpA 122,235 655 Telecom Italia Media SpA * 273,453 104 Telecom Italia Mobile SpA 465,620 3,088 Telecom Italia RNC SpA 695,495 1,918 Telecom Italia SpA 1,013,872 3,887 Tiscali SpA * (e) 25,419 103 UniCredito Italiano SpA 539,988 2,978 -------- 44,456 -------- JAPAN (24.5%) 77 Bank Ltd. 23,000 150 Acom Co. Ltd. 4,400 331 Advantest Corp. (e) 4,300 321 AEON Co. Ltd. 34,500 583 Aeon Credit Service Co., Ltd. (e) 1,700 122 Aiful Corp. 2,600 296 Aisin Seiki Co. Ltd. 10,000 215 Ajinomoto Co., Inc. 34,000 385 All Nippon Airways Co. Ltd. (e) 37,000 129 Alps Electric Co. Ltd. 11,000 161 Amada Co. Ltd. 23,000 116 Aoyama Trading Co. Ltd. 4,200 104 Ariake Japan Co. Ltd. 2,740 66 Asahi Breweries Ltd. 24,100 285 Asahi Glass Co. Ltd. 44,000 483 Asahi Kasei Corp. 74,000 365 Bandai Co. Ltd. 5,700 116 Bank of Fukuoka Ltd. (The) (e) 35,000 222 Bank of Yokohama Ltd. (The) 72,000 455
26 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- JAPAN--CONTINUED Benesse Corp. 4,300 $ 137 Bridgestone Corp. 38,000 689 Canon, Inc. 49,200 2,466 CASIO COMPUTER Co. Ltd. 12,800 176 Central Glass Co. Ltd. 13,000 89 Central Japan Railway Co. 56 457 Chiba Bank Ltd. (The) 45,000 286 Chubu Electric Power Co., Inc. 38,400 896 Chugai Pharmaceutical Co. Ltd. 16,800 264 Citizen Watch Co. Ltd. 19,100 174 COMSYS Holdings Corp. 9,000 78 Credit Saison Co. Ltd. 8,800 297 CSK Corp. 4,200 176 Dai Nippon Printing Co. Ltd. 38,000 568 Daiichi Pharmaceutical Co. Ltd. 15,200 303 Daikin Industries Ltd. 11,400 301 Daimaru, Inc. (The) 14,000 117 Dainippon Ink & Chemicals, Inc. 50,000 113 Daito Trust Construction Co. Ltd. 5,400 245 Daiwa House Industry Co. Ltd. 30,000 322 Daiwa Securities Group, Inc. 72,000 493 Denki Kagaku Kogyo KK 32,000 104 DENSO Corp. 29,900 716 Dentsu, Inc. 93 255 DOWA Mining Co. Ltd. 18,000 117 East Japan Railway Co. 198 1,089 Ebara Corp. 21,000 94 Eisai Co. Ltd. (e) 15,200 453 FamilyMart Co. Ltd. 4,500 126 Fanuc Ltd. 8,300 519 Fast Retailing Co. Ltd. 3,300 249 Fuji Electric Co. Ltd. 37,000 96 Fuji Photo Film Co. Ltd. 27,200 957 Fuji Television Network, Inc. 35 74 Fujikura Ltd. 22,000 99 Fujisawa Pharmaceutical Co. Ltd. 16,900 438 Fujitsu Ltd. 104,000 655 Furukawa Electric Co. Ltd. (The) * 35,000 174 Gunma Bank Ltd. 28,000 147 Hino Motors Ltd. 16,000 106
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- JAPAN--CONTINUED Hirose Electric Co. Ltd. 2,000 $ 212 Hitachi Cable Ltd. 13,000 55 Hitachi Chemical Co. Ltd. 7,100 123 Hitachi Ltd. 186,000 1,206 Hokkaido Electric Power Co., Inc. 12,700 242 Hokuhoku Financial Group, Inc. 64,000 165 Honda Motor Co. Ltd. 44,100 2,112 Hoya Corp. 6,400 667 Isetan Co. Ltd. 11,900 139 Ishikawajima-Harima Heavy Industries Co. Ltd. * 78,000 106 Ito-Yokado Co. Ltd. 19,800 785 ITOCHU Corp. 83,000 377 Itochu Techno-Science Corp. 2,200 89 JAFCO Co. Ltd. 1,800 109 Japan Airlines Corp. * 47,000 133 Japan Real Estate Investment Corp. 19 158 Japan Retail Fund Investment Corp. 19 155 Japan Tobacco, Inc. 54 512 JFE Holdings, Inc. 31,175 897 JGC Corp. 14,000 120 Joyo Bank Ltd. (The) 45,300 212 JSR Corp. 11,200 232 Kajima Corp. 57,000 247 Kamigumi Co. Ltd. (e) 19,000 148 Kaneka Corp. 17,000 186 Kansai Electric Power Co., Inc. (The) 40,300 783 Kansai Paint Co. Ltd. 20,000 121 Kao Corp. 29,000 699 Katokichi Co. Ltd. 4,300 81 Kawasaki Heavy Industries Ltd. (e) 83,000 125 Kawasaki Kisen Kaisha Ltd. 32,000 215 Keihin Electric Express Railway Co. Ltd. (e) 33,000 195 Keio Electric Railway Co. Ltd. 40,000 225 Keyence Corp. 1,900 430 Kikkoman Corp. (e) 13,000 119 Kinden Corp. 12,000 88 Kinki Nippon Railway Co. Ltd. 97,250 323 Kirin Brewery Co. Ltd. 41,000 393 Kobe Steel Ltd. 150,000 229
27 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- JAPAN--CONTINUED Kokuyo Co. Ltd. 7,900 $ 91 Komatsu Ltd. 57,000 388 Konami Corp. 5,600 122 Konica Minolta Holdings, Inc. 26,500 341 Kubota Corp. 60,000 297 Kuraray Co. Ltd. 24,000 198 Kurita Water Industries Ltd. 7,500 104 Kyocera Corp. 9,700 683 Kyowa Hakko Kogyo Co. Ltd. 23,000 165 Kyushu Electric Power Co., Inc. 23,600 468 LAWSON, Inc. 3,900 141 Leopalace21 Corp. 8,000 132 Mabuchi Motor Co. Ltd. 2,000 137 Makita Corp. (e) 9,000 139 Marubeni Corp. 83,000 236 Marui Co. Ltd. 19,700 262 Matsumotokiyoshi Co. Ltd. 3,300 92 Matsushita Electric Industrial Co. Ltd. 128,880 1,917 Matsushita Electric Works Ltd. 16,000 137 Meiji Seika Kaisha Ltd. 25,000 110 Meitec Corp. 3,000 106 Millea Holdings, Inc. 81 1,141 Minebea Co. Ltd. 25,000 101 Mitsubishi Chemical Corp. 100,000 298 Mitsubishi Corp. 65,200 825 Mitsubishi Electric Corp. 101,000 496 Mitsubishi Estate Co. Ltd. 57,000 645 Mitsubishi Gas Chemical Co., Inc. 24,000 114 Mitsubishi Heavy Industries Ltd. 169,000 484 Mitsubishi Logistics Corp. 9,000 84 Mitsubishi Materials Corp. 58,000 121 Mitsubishi Rayon Co. Ltd. 38,000 129 Mitsubishi Tokyo Financial Group, Inc. 265 2,510 Mitsui & Co. Ltd. 76,000 659 Mitsui Chemicals, Inc. 38,000 199 Mitsui Engineering & Shipbuilding Co. Ltd. (e) 51,000 85 Mitsui Fudosan Co. Ltd. 42,000 491 Mitsui Mining & Smelting Co. Ltd. 35,000 146 Mitsui O.S.K. Lines Ltd. 57,000 354
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- JAPAN--CONTINUED Mitsui Sumitomo Insurance Co. Ltd. 74,340 $ 656 Mitsui Trust Holdings, Inc. 33,000 252 Mitsukoshi Ltd. (e) 26,000 125 Mizuho Financial Group, Inc. 458 1,994 Murata Manufacturing Co. Ltd. 13,300 695 NEC Corp. 96,000 531 NEC Electronics Corp. 2,300 105 Net One Systems Co. Ltd. 33 135 NGK Insulators Ltd. 18,000 150 NGK Spark Plug Co. Ltd. 13,000 127 Nichii Gakkan Co. (e) 1,900 65 Nidec Corp. 2,800 329 Nikko Cordial Corp. 94,000 470 Nikon Corp. 18,000 200 Nintendo Co. Ltd. 5,900 710 Nippon Building Fund, Inc. 20 175 Nippon Express Co. Ltd. 52,000 246 Nippon Meat Packers, Inc. 11,000 142 Nippon Mining Holdings, Inc. 48,000 240 Nippon Oil Corp. 78,000 513 Nippon Sheet Glass Co. Ltd. 25,000 96 Nippon Steel Corp. 353,000 871 Nippon Telegraph & Telephone Corp. 301 1,351 Nippon Unipac Holding 54 245 Nippon Yusen KK 60,000 320 Nissan Chemical Industries Ltd. 13,000 102 Nissan Motor Co. Ltd. (e) 146,300 1,543 Nisshin Seifun Group, Inc. 12,000 132 Nisshin Steel Co. Ltd. 52,000 124 Nissin Food Products Co. Ltd. 5,700 142 Nitto Denko Corp. 9,800 510 NOK Corp. 6,000 174 Nomura Holdings, Inc. 109,000 1,533 Nomura Research Institute Ltd. 1,500 133 NSK Ltd. 30,000 140 NTN Corp. 28,000 155 NTT DATA Corp. 77 229 NTT DoCoMo, Inc. 1,173 2,039 Obayashi Corp. 37,000 230 Obic Co. Ltd. 500 100 Odakyu Electric Railway Co. Ltd. 49,000 274
28 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- JAPAN--CONTINUED Oji Paper Co. Ltd. (e) 48,000 $ 274 Oki Electric Industry Co. Ltd. * 37,000 146 Olympus Corp. 14,000 270 OMRON Corp. 13,300 304 Onward Kashiyama Co. Ltd. 10,000 136 Oracle Corp. (e) 2,100 105 Oriental Land Co. Ltd. 3,200 207 ORIX Corp. 4,820 614 Osaka Gas Co. Ltd. 124,000 378 Pioneer Corp. 10,300 193 Promise Co. Ltd. 5,400 378 Rakuten, Inc. 28 231 Resona Holdings, Inc. * 270,000 478 Ricoh Co. Ltd. 40,000 709 ROHM Co. Ltd. 6,400 611 Sankyo Co. Ltd. 3,400 153 Sankyo Co. Ltd. (Gunma) 22,600 443 SANYO Electric Co. Ltd. (e) 90,000 297 Sapporo Holdings Ltd. (e) 24,000 104 Secom Co. Ltd. 12,500 494 Sega Sammy Holdings * 4,252 225 Seiko Epson Corp. 6,200 254 Sekisui Chemical Co. Ltd. 26,000 171 Sekisui House Ltd. 29,000 320 Seven-Eleven Japan Co. Ltd. 21,900 668 Sharp Corp. 56,000 900 Shimamura Co. Ltd. 1,300 97 Shimano, Inc. 5,100 134 Shimizu Corp. 34,000 174 Shin-Etsu Chemical Co. Ltd. 20,800 806 Shinsei Bank Ltd. 33,000 221 Shionogi & Co. Ltd. 19,000 256 Shiseido Co. Ltd. 21,000 290 Shizuoka Bank Ltd. (The) 35,000 308 Showa Denko KK 65,000 159 Showa Shell Sekiyu K.K 11,900 107 Skylark Co. Ltd. 5,600 95 SMC Corp. 3,100 342 Softbank Corp. (e) 13,500 666 Sompo Japan Insurance, Inc. 43,000 412 Sony Corp. 54,600 1,989 Stanley Electric Co. Ltd. 10,000 162 Sumitomo Chemical Co. Ltd. 80,000 399 Sumitomo Corp. 55,000 464 Sumitomo Electric Industries Ltd. 39,000 409 Sumitomo Heavy Industries Ltd. * 35,000 115
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- JAPAN--CONTINUED Sumitomo Metal Industries Ltd. 221,000 $ 294 Sumitomo Metal Mining Co. Ltd. 31,000 233 Sumitomo Mitsui Financial Group, Inc. 239 1,660 Sumitomo Realty & Development Co. Ltd. 23,000 283 Sumitomo Trust & Banking Co. Ltd. (The) 71,000 473 Suruga Bank Ltd. 15,000 116 Suzuken Co. Ltd. 3,600 85 T&D Holdings, Inc. * 10,500 490 Taiheiyo Cement Corp. 53,000 133 Taisei Corp. 50,000 198 Taisho Pharmaceutical Co. Ltd. 11,000 212 Taiyo Yuden Co. Ltd. (e) 9,000 92 Takara Holdings, Inc. (e) 13,000 88 Takashimaya Co. Ltd. (e) 18,000 171 Takeda Pharmaceutical Co. Ltd. 51,800 2,546 Takefuji Corp. 4,110 268 TDK Corp. 7,200 517 Teijin Ltd. 51,000 219 Teikoku Oil Co. Ltd. 20,000 109 Terumo Corp. 10,600 272 THK Co. Ltd. 6,500 119 TIS, Inc. 2,600 110 Tobu Railway Co. Ltd. 61,000 227 Toho Co. Ltd. 9,300 149 Tohoku Electric Power Co., Inc. 25,300 449 Tokyo Broadcasting System, Inc. 3,400 54 Tokyo Electric Power Co., Inc. (The) 66,400 1,587 Tokyo Electron Ltd. 10,300 568 Tokyo Gas Co. Ltd. 150,000 602 Tokyu Corp. 61,000 311 TonenGeneral Sekiyu KK 20,000 186 Toppan Printing Co. Ltd. 34,000 354 Toray Industries, Inc. 72,000 317 Toshiba Corp. 167,000 709 Tosoh Corp. 32,000 140 Tostem Inax Holding Corp. 14,712 259 TOTO Ltd. 18,700 167 Toyo Seikan Kaisha Ltd. 8,400 137 Toyobo Co. Ltd. 50,000 113
29 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) INTERNATIONAL EQUITY INDEX FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- JAPAN--CONTINUED Toyota Industries Corp. 11,200 $ 258 Toyota Motor Corp. 168,900 6,334 Trend Micro, Inc. (e) 5,500 289 Ube Industries Ltd. * (e) 59,000 96 UFJ Holdings, Inc. 226 1,199 Uni-Charm Corp. 2,800 130 UNY Co. Ltd. 12,000 130 Ushio, Inc. 8,000 146 USS Co., Ltd. 1,580 141 Wacoal Corp. (e) 10,000 113 West Japan Railway Co. 104 424 World Co. Ltd. 2,750 97 Yahoo Japan Corp. * 112 516 Yakult Honsha Co. Ltd. (e) 8,000 137 Yamada Denki Co. 4,900 211 Yamaha Corp. 11,200 158 Yamaha Motor Co. Ltd. 11,700 171 Yamaichi Securities Co. Ltd. * 15,000 0 Yamanouchi Pharmaceutical Co. Ltd. 18,300 669 Yamato Transport Co. Ltd. 25,000 356 Yamazaki Baking Co. Ltd. 10,000 91 Yokogawa Electric Corp. 15,000 209 -------- 110,444 -------- LUXEMBOURG (0.1%) Arcelor SA 28,020 617 -------- NETHERLANDS (3.0%) ABN AMRO Holding NV 51,752 1,271 AEGON NV 45,813 566 Akzo Nobel NV 9,660 400 ASML Holding NV * 17,123 263 DSM NV 3,191 192 Heineken NV 8,635 273 ING Groep NV 61,488 1,692 QIAGEN NV * 16,967 186 Reed Elsevier NV 25,797 346 Rodamco Europe NV 2,259 172 Royal Ahold NV * 53,818 396 Royal Dutch Petroleum Co. 68,632 3,930 Royal KPN NV (e) 67,135 583 Royal Numico NV * 5,272 188 Royal Philips Electronics NV 44,339 1,143 TPG NV 14,325 375 Unilever NV 18,938 1,191 Vedior NV 6,642 111
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- NETHERLANDS--CONTINUED VNU NV 8,842 $ 266 Wolters Kluwer NV 10,557 203 -------- 13,747 -------- NEW ZEALAND (0.5%) Auckland International Airport Ltd. 40,331 225 Carter Holt Harvey Ltd. 92,503 147 Fisher & Paykel Appliances Holdings Ltd. 59,218 182 Fisher & Paykel Healthcare Corp. Ltd. 80,605 167 Fletcher Building Ltd. 55,972 247 Sky City Entertainment Group Ltd. (e) 78,330 279 Telecom Corp. of New Zealand Ltd. 213,948 925 Warehouse Group Ltd. (e) 36,834 96 -------- 2,268 -------- NORWAY (1.6%) DNB Nor Bank ASA 88,940 838 Frontline Ltd. 5,700 345 Norsk Hydro ASA 19,520 1,596 Norske Skogindustrier ASA 15,250 323 Orkla ASA 25,850 797 Petroleum Geo-Services ASA * 2,738 151 Schibsted ASA 7,350 204 Statoil ASA 72,000 1,139 Storebrand ASA 34,000 302 Tandberg ASA 19,194 218 Telenor ASA 105,600 930 Tomra Systems ASA 27,150 146 Yara International ASA * 29,740 382 -------- 7,371 -------- PORTUGAL (1.0%) Banco BPI SA 62,519 254 Banco Comercial Portugues SA 243,388 609 Banco Espirito Santo SA 16,019 283 Brisa-Auto-estradas de Portugal SA 56,996 500 CIMPOR-Cimentos de Portugal SGPS SA 30,753 170 Electricidade de Portugal SA (EDP) 295,922 877 Keppel Corp. Ltd. 31,000 152 Portugal Telecom SGPS SA 105,449 1,248
30 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- PORTUGAL--CONTINUED PT Multimedia 6,990 $ 166 Sonae SGPS SA 150,387 198 -------- 4,457 -------- SINGAPORE (0.5%) City Developments Ltd. 33,000 141 DBS Group Holdings Ltd. 43,467 418 Oversea-Chinese Banking Corp. Ltd. 44,350 363 Singapore Airlines Ltd. 30,000 200 Singapore Press Holdings Ltd. 80,750 233 Singapore Telecommunications Ltd. 236,580 342 United Overseas Bank Ltd. 49,000 407 Venture Corp. Ltd. 12,000 116 -------- 2,220 -------- SPAIN (5.7%) Abertis Infraestructuras SA (e) 22,702 470 Acciona SA 2,801 220 Acerinox SA 16,104 236 Actividades de Construccion y Servicios 21,070 442 SA (ACS) Altadis SA 20,577 840 Antena 3 de Television SA * 2,134 140 Banco Bilbao Vizcaya Argentaria SA 228,252 3,755 Banco Popular Espanol SA 12,198 769 Banco Santander Central Hispano SA 427,213 5,133 Corporacion Mapfre SA 10,054 141 Endesa SA 69,194 1,490 Fomento de Construcciones y Contratas SA 4,292 176 Gamesa Corporacion Tecnologica SA 10,387 137 Gas Natural SDG SA 12,550 359 Grupo Ferrovial SA 5,283 255 Gruppo Editoriale l'Espresso SpA 24,288 135 Iberdrola SA 57,291 1,346 Iberia Lineas Aereas de Espana SA 45,010 147 Indra Sistemas SA 11,585 182 Industria de Diseno Textil SA 16,690 488 Metrovacesa SA 3,889 185
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- SPAIN--CONTINUED Promotora de Informaciones SA 6,607 $ 136 Repsol YPF SA 68,032 1,658 Sacyr Vallehermoso Group (e) 10,281 157 Sociedad General de Aguas de Barcelona SA, Class A 7,239 135 Sogecable SA * 3,023 128 Telefonica Publicidad e Informacion SA 14,596 119 Telefonica SA 323,458 5,683 Union Fenosa SA 16,932 436 Zeltia SA 13,921 102 -------- 25,600 -------- SWEDEN (1.9%) ASSA ABLOY AB 13,800 215 Atlas Copco AB 5,100 224 Atlas Copco AB, Class B 3,447 140 Electrolux AB, Ser B 13,200 291 Gambro AB 9,600 125 H&M Hennes & Mauritz AB 19,700 633 Nordea Bank AB 89,500 879 Sandvik AB 9,500 385 Scania AB, Class B 4,527 179 Securitas AB 14,400 228 Skandia Forsakrings AB 49,900 207 Skandinaviska Enskilda Banken AB 20,600 393 Skanska AB 18,100 212 SKF AB 4,500 192 Svenska Cellulosa AB ACA 7,900 329 Svenska Handelsbanken AB, Class A 21,100 515 Swedish Match AB 16,600 188 Tele2 AB 4,800 189 Telefonaktiebolaget LM Ericsson * 589,800 1,968 TeliaSonera AB 78,000 476 Volvo AB A 4,257 168 Volvo AB, Class B 9,450 386 -------- 8,522 -------- SWITZERLAND (1.8%) ABB Ltd. * 28,253 174 Adecco SA 2,341 117 Compagnie Financiere Richemont SA 8,643 263 Credit Suisse Group 16,857 657 Holcim Ltd. 2,793 160 Nestle SA 5,415 1,390
31 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) INTERNATIONAL EQUITY INDEX FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- SWITZERLAND--CONTINUED Novartis AG 32,641 $ 1,563 Roche Holding Ltd. 9,817 1,033 STMicroelectronics NV (e) 34,326 690 Swiss Reinsurance Co. 4,814 322 Swisscom AG 463 182 Syngenta AG 2,091 221 UBS AG 15,421 1,246 Zurich Financial Services 2,137 329 -------- 8,347 -------- TRANSPORTATION (0.0%) Amadeus Global Travel Distribution SA 25,506 222 -------- UNITED KINGDOM (10.7%) "Shell" Transport & Trading Co. PLC (The) 208,774 1,755 3i Group PLC 17,142 214 AMVESCAP PLC 21,467 132 Anglo American PLC 30,949 751 ARM Holdings PLC 33,256 65 AstraZeneca PLC 36,996 1,446 Aviva PLC 50,347 558 BAA PLC 27,549 306 BAE Systems PLC 74,008 347 Barclays PLC 141,116 1,456 BG Group PLC 83,366 578 BHP Billiton PLC 54,665 639 BOC Group PLC (The) 14,128 253 Boots Group PLC 20,369 246 BP PLC 477,820 4,877 BPB PLC 14,359 120 Brambles Industries PLC 23,781 119 British American Tobacco PLC 36,617 615 British Land Co. PLC (The) 14,243 223 British Sky Broadcasting Group PLC 29,404 313 BT Group PLC 193,124 718 Bunzl PLC 19,010 162 Cable & Wireless PLC 60,097 130 Cadbury Schweppes PLC 47,335 422 Capita Group PLC (The) 18,949 129 Carnival PLC 4,190 234 Celltech Group PLC * 550 6 Centrica PLC 91,735 434 Compass Group PLC 55,888 245 Corus Group PLC * 101,584 106 CRH PLC 1,575 40
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- UNITED KINGDOM--CONTINUED Daily Mail & General Trust PLC 9,994 $ 138 Diageo PLC 67,991 951 Dixons Group PLC 52,413 146 Electrocomponents PLC 18,937 106 EMAP PLC 7,615 116 EMI Group PLC 22,731 105 Enterprise Inns PLC 11,103 145 Exel PLC 10,395 147 Friends Provident PLC 53,887 158 GKN PLC 26,516 114 GlaxoSmithKline PLC 129,163 2,719 GUS PLC 23,910 399 Hammerson PLC 10,082 153 Hanson PLC 19,621 157 Hays PLC 51,135 118 HBOS PLC 86,101 1,205 Hilton Group PLC 43,667 215 HSBC Holdings PLC 238,388 4,060 Imperial Chemical Industries PLC 31,586 143 Imperial Tobacco Group PLC 17,043 444 InterContinental Hotels Group PLC 18,583 237 International Power PLC * 44,131 128 Invensys PLC * 167,136 56 ITV PLC 102,738 215 J Sainsbury PLC 36,744 183 Johnson Matthey PLC 7,691 149 Kelda Group PLC 13,983 144 Kingfisher PLC 56,427 311 Land Securities Group PLC 12,149 298 Legal & General Group PLC 148,677 302 Liberty International PLC 9,868 167 Lloyds TSB Group PLC 124,096 999 LogicaCMG PLC 21,087 74 Man Group PLC 7,480 213 Marks & Spencer Group PLC 40,465 254 Mitchells & Butlers PLC 17,274 100 National Grid Transco PLC 70,761 647 Next PLC 6,909 212 Pearson PLC 20,074 235 Peninsular & Oriental Steam Navigation Co. (The) 23,309 134 Provident Financial PLC 11,023 129 Prudential PLC 53,495 427 Reckitt Benckiser PLC 13,559 400 Reed Elsevier PLC 31,620 290 Rentokil Initial PLC 53,002 144
32 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- UNITED KINGDOM--CONTINUED Reuters Group PLC 33,928 $ 249 Rexam PLC 14,372 124 Rio Tinto PLC 23,353 684 Rolls-Royce PLC 39,180 197 Royal & Sun Alliance Insurance Group PLC 77,451 109 Royal Bank of Scotland Group PLC (The) 69,227 2,127 SABMiller PLC 19,370 326 Sage Group PLC (The) 35,148 130 Scottish & Newcastle PLC 22,512 185 Scottish & Southern Energy PLC 21,770 342 Scottish Power PLC 45,767 338 Severn Trent PLC 10,630 181 Slough Estates PLC 17,383 160 Smith & Nephew PLC 23,150 236 Smiths Group PLC 15,630 229 Tesco PLC 172,941 996 Tomkins PLC 26,640 126 Trinity Mirror PLC 10,700 127 Unilever PLC 62,328 571 United Utilities PLC 19,118 206 United Utilities PLC, Class A 8,994 64 Vodafone Group PLC 1,464,101 3,974 Whitbread Group PLC 9,996 152 William Hill Organization Ltd. 15,859 158 Wolseley PLC 16,385 282 WPP Group PLC 27,001 298 Yell Group PLC 18,105 150 -------- 48,547 -------- Total Foreign Common Stock (Cost $355,229) 445,218 -------- FOREIGN PREFERRED STOCK (0.5%) GERMANY (0.5%) Fresenius Medical Care AG 4,123 323 Henkel KGaA, Vorzug 6,620 561 Porsche AG 926 591 ProSiebenSat.1 Media AG 9,823 164 Volkswagen AG 12,175 400 -------- Total Foreign Preferred Stock (Cost $1,671) 2,039 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- RIGHTS (0.0%) GERMANY (0.0%) Karstadt Quelle AG Rights * (e) 4,353 $ 10 -------- SPAIN (0.0%) Bca Naz Del Lavoro Rights * 168,172 26 Sociedad General de Aguas de Barcelona SA * 7,239 1 -------- 27 -------- UNITED KINGDOM (0.0%) Thomson Multimedia Rights * 13,727 0 -------- Total Rights (Cost $22) 37 -------- SHORT-TERM INVESTMENTS (9.7%) Boston Global Investment Trust-Enhanced Portfolio (f) 31,472,354 31,473 Brown Brothers Harriman & Co., Cayman Islands Cash Sweep 12,277,407 12,277 -------- Total Short-Term Investments (Cost $43,750) 43,750 -------- Total Investments (Cost $406,655) (a) -- 109.9% 497,074 Liabilities in excess of other assets -- (9.9)% (44,878) -------- Net Assets -- 100.0% $452,196 ========
The investment concentrations for the International Equity Index Fund as a percentage of value, by industry, as of November 30, 2004, were as follows: Cash and Equivalents 9.7% Consumer Discretionary 12.4 Consumer Staples 6.2 Energy 7.7 Financials 26.6 Health Care 5.3 Industrials 10.2 Information Technology 6.8 Materials 7.5 Other Foreign Securities 1.3 Telecommunication Services 9.4 Utilities 6.8
See notes to schedules of portfolio investments and notes to financial statements. 33 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) LIFE VISION AGGRESSIVE GROWTH FUND
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- EQUITY FUNDS (96.0%) STI Classic Aggressive Growth Stock Fund, T Shares (c) * 288,375 $ 2,933 STI Classic Capital Appreciation Fund, T Shares (c) * 883,992 11,121 STI Classic Emerging Growth Stock Fund, T Shares (c) 52,726 492 STI Classic Growth and Income Fund, T Shares (c) 610,959 9,665 STI Classic International Equity Index Fund, T Shares (c) 626,456 7,893 STI Classic Mid-Cap Equity Fund, T Shares (c) 171,337 1,962 STI Classic Mid-Cap Value Equity Fund, T Shares (c) 163,698 1,951 STI Classic Small Cap Growth Stock Fund, T Shares (c) * 44,137 992 STI Classic Small Cap Value Equity Fund, T Shares (c) 70,552 1,485
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- EQUITY FUNDS--CONTINUED STI Classic Strategic Quantitative Equity Fund, T Shares (c) * 146,923 $ 1,975 STI Classic Value Income Stock Fund, T Shares (c) 510,205 6,286 ------- Total Equity Funds (Cost $39,864) 46,755 ------- MONEY MARKET FUNDS (4.0%) STI Classic Prime Quality Money Market Fund, T Shares (c) 1,938,761 1,939 ------- Total Money Market Funds (Cost $1,939) 1,939 ------- Total Investments (Cost $41,803) (a) -- 100.0% 48,694 Other assets in excess of liabilities -- 0.0% 12 ------- Net Assets -- 100.0% $48,706 =======
See notes to schedules of portfolio investments and notes to financial statements. 34 (Unaudited) LIFE VISION CONSERVATIVE FUND
- -------------------------------------------------------- Shares Value - -------------------------------------------------------- EQUITY FUNDS (25.7%) STI Classic Aggressive Growth Stock Fund, T Shares (c) * 6,340 $ 64 STI Classic Capital Appreciation Fund, T Shares (c) * 30,388 382 STI Classic Growth and Income Fund, T Shares (c) 20,169 319 STI Classic International Equity Index Fund, T Shares (c) 20,615 260 STI Classic Mid-Cap Equity Fund, T Shares (c) 5,645 65 STI Classic Mid-Cap Value Equity Fund, T Shares (c) 5,424 65 STI Classic Small Cap Growth Stock Fund, T Shares (c) * 2,898 65 STI Classic Small Cap Value Equity Fund, T Shares (c) 3,097 65 STI Classic Strategic Quantitative Equity Fund, T Shares (c) * 4,832 65 STI Classic Value Income Stock Fund, T Shares (c) 20,705 255 ------ Total Equity Funds (Cost $1,342) 1,605 ------ FIXED INCOME FUNDS (71.2%) STI Classic High Income Fund, T Shares (c) 48,052 371 STI Classic Institutional High Quality Bond Fund, T Shares (c) 24,723 247
- -------------------------------------------------------- Shares Value - -------------------------------------------------------- FIXED INCOME FUNDS--CONTINUED STI Classic Institutional Total Return Bond Fund, T Shares (c) 134,768 $1,356 STI Classic Limited-Term Federal Mortgage Securities Fund, T Shares (c) 193,537 1,978 STI Classic Short-Term U.S. Treasury Securities Fund, T Shares (c) 24,625 248 STI Classic U.S. Government Securities Fund, T Shares (c) 23,540 247 ------ Total Fixed Income Funds (Cost $4,438) 4,447 ------ MONEY MARKET FUNDS (3.0%) STI Classic Prime Quality Money Market Fund, T Shares (c) 188,974 189 ------ Total Money Market Funds (Cost $189) 189 ------ Total Investments (Cost $5,969) (a) -- 99.9% 6,241 Other assets in excess of liabilities -- 0.1% 9 ------ Net Assets -- 100.0% $6,250 ======
See notes to schedules of portfolio investments and notes to financial statements. 35 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) LIFE VISION GROWTH AND INCOME FUND
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- EQUITY FUNDS (73.4%) STI Classic Aggressive Growth Stock Fund, T Shares (c) * 406,974 $ 4,139 STI Classic Capital Appreciation Fund, T Shares (c) * 1,473,148 18,532 STI Classic Emerging Growth Stock Fund, T Shares (c) 111,425 1,041 STI Classic Growth and Income Fund, T Shares (c) 1,043,048 16,501 STI Classic International Equity Index Fund, T Shares (c) 998,656 12,583 STI Classic Mid-Cap Equity Fund, T Shares (c) 272,117 3,116 STI Classic Mid-Cap Value Equity Fund, T Shares (c) 261,408 3,116 STI Classic Small Cap Growth Stock Fund, T Shares (c) * 46,550 1,046 STI Classic Small Cap Value Equity Fund, T Shares (c) 99,418 2,093 STI Classic Strategic Quantitative Equity Fund, T Shares (c) * 232,751 3,128 STI Classic Value Income Stock Fund, T Shares (c) 834,547 10,282 -------- Total Equity Funds (Cost $63,330) 75,577 -------- FIXED INCOME FUNDS (23.5%) STI Classic High Income Fund, T Shares (c) 260,992 2,017
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- FIXED INCOME FUNDS--CONTINUED STI Classic Institutional High Quality Bond Fund, T Shares (c) 101,034 $ 1,008 STI Classic Institutional Total Return Bond Fund, T Shares (c) 801,069 8,059 STI Classic Limited-Term Federal Mortgage Securities Fund, T Shares (c) 1,087,469 11,115 STI Classic Short-Term U.S. Treasury Securities Fund, T Shares (c) 100,531 1,012 STI Classic U.S. Government Securities Fund, T Shares (c) 96,227 1,008 -------- Total Fixed Income Funds (Cost $24,064) 24,219 -------- MONEY MARKET FUNDS (3.0%) STI Classic Prime Quality Money Market Fund, T Shares (c) 3,139,355 3,139 -------- Total Money Market Funds (Cost $3,139) 3,139 -------- Total Investments (Cost $90,533) (a) -- 99.9% 102,935 Other assets in excess of liabilities -- 0.1% 55 -------- Net Assets -- 100.0% $102,990 ========
See notes to schedules of portfolio investments and notes to financial statements. 36 (Unaudited) LIFE VISION MODERATE GROWTH FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- EQUITY FUNDS (54.9%) STI Classic Aggressive Growth Stock Fund, T Shares (c) * 453,613 $ 4,613 STI Classic Capital Appreciation Fund, T Shares (c) * 1,701,104 21,399 STI Classic Growth and Income Fund, T Shares (c) 1,063,667 16,827 STI Classic International Equity Index Fund, T Shares (c) 1,109,378 13,978 STI Classic Mid-Cap Equity Fund, T Shares (c) 268,876 3,079 STI Classic Mid-Cap Value Equity Fund, T Shares (c) 258,292 3,079 STI Classic Small Cap Growth Stock Fund, T Shares (c) * 137,987 3,101 STI Classic Small Cap Value Equity Fund, T Shares (c) 147,354 3,102 STI Classic Strategic Quantitative Equity Fund, T Shares (c) * 229,979 3,091 STI Classic Value Income Stock Fund, T Shares (c) 991,552 12,216 -------- Total Equity Funds (Cost $69,387) 84,485 -------- FIXED INCOME FUNDS (41.9%) STI Classic High Income Fund, T Shares (c) 793,835 6,136 STI Classic Institutional High Quality Bond Fund, T Shares (c) 306,690 3,061
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FIXED INCOME FUNDS--CONTINUED STI Classic Institutional Total Return Bond Fund, T Shares (c) 1,975,757 $ 19,876 STI Classic Limited-Term Federal Mortgage Securities Fund, T Shares (c) 2,851,016 29,138 STI Classic Short-Term U.S. Treasury Securities Fund, T Shares (c) 305,419 3,076 STI Classic U.S. Government Securities Fund, T Shares (c) 292,127 3,061 -------- Total Fixed Income Funds (Cost $63,634) 64,348 -------- MONEY MARKET FUNDS (3.1%) STI Classic Prime Quality Money Market Fund, T Shares (c) 4,724,094 4,724 -------- Total Money Market Funds (Cost $4,724) 4,724 -------- Total Investments (Cost $137,745) (a) -- 99.9% 153,557 Other assets in excess of liabilities -- 0.1% 173 -------- Net Assets -- 100.0% $153,730 ========
See notes to schedules of portfolio investments and notes to financial statements. 37 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) MID-CAP EQUITY FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- COMMON STOCKS (97.8%) CONSUMER DISCRETIONARY (16.0%) Abercrombie & Fitch Co., Class A 57,474 $ 2,618 American Axle & Manufacturing Holdings, Inc. (e) 57,800 1,685 Bed Bath & Beyond, Inc. * 39,810 1,590 Choice Hotels International, Inc. 42,812 2,192 Coach, Inc. * 26,350 1,313 Corning, Inc. * 140,080 1,762 Dollar General Corp. 71,410 1,410 Hilton Hotels Corp. 41,582 859 International Game Technology 33,300 1,177 J. C. Penney Co., Inc. 21,548 832 Knight-Ridder, Inc. 23,120 1,574 Lennar Corp., Class A 52,280 2,349 Limited Brands, Inc. 33,620 822 Marvel Enterprises, Inc. * 20,185 372 May Department Stores Co. (The) 36,249 1,019 McGraw-Hill Cos., Inc. (The) 30,060 2,637 PACCAR, Inc. 11,806 922 Pacific Sunwear of California, Inc. * 37,287 828 Scholastic Corp. * (e) 45,950 1,514 Staples, Inc. 48,190 1,538 TJX Cos., Inc. (The) 64,710 1,523 Univision Communications, Inc., Class A * 33,070 995 YUM! Brands, Inc. 94,430 4,288 -------- 35,819 -------- CONSUMER STAPLES (3.4%) 7-Eleven, Inc. * 78,070 1,842 Archer Daniels Midland Co. 64,870 1,375 Reynolds American, Inc. (e) 57,680 4,363 -------- 7,580 -------- ENERGY (6.3%) Amerada Hess Corp. 46,550 4,136 Ashland, Inc. 57,400 3,395 Marathon Oil Corp. 99,650 3,930 Unocal Corp. 19,760 910 Valero Energy Corp. 36,650 1,715 -------- 14,086 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FINANCIALS (23.2%) American Capital Strategies Ltd. 44,985 $ 1,437 Annaly Mortgage Management, Inc. (e) 92,120 1,824 Arch Capital Group Ltd. * 10,870 423 Bear Stearns Cos., Inc. 7,370 719 Brandywine Realty Trust 33,440 951 Comerica, Inc. 21,156 1,301 E*TRADE Financial Corp. * 88,750 1,230 General Growth Properties, Inc. 65,402 2,244 H & R Block, Inc. 38,960 1,858 Hospitality Properties Trust 39,242 1,764 Huntington Bancshares, Inc. 54,817 1,330 Independence Community Bank Corp. 53,311 2,266 IndyMac Bancorp, Inc. 63,505 2,063 Jefferies Group, Inc. 36,740 1,492 Legg Mason, Inc. 12,837 875 Lexington Corp. Properties Trust 67,860 1,525 Lincoln National Corp. 64,500 2,969 MBIA, Inc. 14,600 875 MGIC Investment Corp. 22,422 1,525 National City Corp. 32,239 1,195 New York Community Bancorp 54,427 1,077 PartnerRe Ltd. 36,740 2,249 PMI Group, Inc. (The) 42,890 1,766 Principal Financial Group, Inc. 45,740 1,723 Radian Group, Inc. 21,618 1,108 Senior Housing Properties Trust 54,596 1,074 SL Green Realty Corp. 31,225 1,799 Sovereign BanCorp, Inc. 78,048 1,705 St. Paul Travelers Cos., Inc. (The) 55,310 2,018 Student Loan Corp. (The) 28,610 5,048 Westcorp 50,752 2,146 -------- 51,579 -------- HEALTH CARE (10.8%) Anthem, Inc. * 19,810 2,007 Biomet, Inc. 28,320 1,356 CIGNA Corp. 32,980 2,309 Coventry Health Care, Inc. * 37,361 1,854 Genzyme Corp. * 23,890 1,338 Hospira, Inc. * 27,220 877 Humana, Inc. * 90,362 2,243
38 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- HEALTH CARE--CONTINUED ImClone Systems, Inc. * 22,430 $ 947 Laboratory Corp. of America Holdings * 35,620 1,708 Medco Health Solutions, Inc. * 36,930 1,393 Monsanto Co. 102,230 4,705 Onyx Pharmaceuticals, Inc. * 14,551 455 PacifiCare Health Systems, Inc. * 19,280 933 Sepracor, Inc. * 32,230 1,435 Thermo Electron Corp. * 21,791 659 -------- 24,219 -------- INDUSTRIALS (14.7%) Arrow Electronics, Inc. * 77,175 1,893 Avnet, Inc. * 72,490 1,334 Black & Decker Corp. (The) 19,049 1,602 Deluxe Corp. 38,300 1,514 Eaton Corp. 36,380 2,452 M. D. C. Holdings, Inc. 26,740 2,024 National Semiconductor Corp. 95,671 1,479 NVR, Inc. * 3,220 2,225 Old Dominion Freight Line, Inc. * 18,170 570 Pitney Bowes, Inc. 79,850 3,495 Rockwell Collins, Inc. 99,860 3,979 Ryder System, Inc. 47,120 2,528 Ryland Group, Inc. (The) 26,158 2,651 Southwest Airlines Co. 96,855 1,524 Textron, Inc. 43,980 3,194 Universal Technical Institute, Inc. * 15,400 513 -------- 32,977 -------- INFORMATION TECHNOLOGY (12.0%) Adobe Systems, Inc. 29,460 1,784 Advanced Micro Devices, Inc. * (e) 37,800 804 Apple Computer, Inc. * 38,760 2,600 Avaya, Inc. * 116,367 1,911 BMC Software, Inc. * 40,965 761 Computer Associates International, Inc. 23,997 733 Cree, Inc. * (e) 16,608 594 Electronic Arts, Inc. * 51,856 2,536 Intuit, Inc. * 43,870 1,836
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Iron Mountain, Inc. * 19,985 $ 602 Juniper Networks, Inc. * 56,720 1,562 LSI Logic Corp. * 101,560 537 McAfee, Inc. * 24,540 709 MEMC Electronic Materials, Inc. * 59,005 627 Molex, Inc. 41,030 1,131 Novellus Systems, Inc. * 53,760 1,448 SunGard Data Systems, Inc. * 26,940 714 Symantec Corp. * 36,114 2,304 VERITAS Software Corp. * 53,755 1,177 Xerox Corp. * 167,480 2,566 -------- 26,936 -------- MATERIALS (4.0%) Arch Coal, Inc. 21,560 824 Ball Corp. 123,830 5,539 Freeport-McMoRan Copper & Gold, Inc., Class B 20,600 806 Lubrizol Corp. (The) 50,110 1,731 -------- 8,900 -------- TELECOMMUNICATION SERVICES (0.8%) Citizens Communications Co. 89,460 1,279 Western Wireless Corp., Class A * 16,360 442 -------- 1,721 -------- UTILITIES (6.6%) Equitable Resources, Inc. 86,500 5,146 Northeast Utilities 162,510 2,963 PG&E Corp. * 25,508 848 UGI Corp. 110,399 4,480 Xcel Energy, Inc. (e) 79,220 1,431 -------- 14,868 -------- Total Common Stocks (Cost $179,908) 218,685 -------- SHORT-TERM INVESTMENTS (4.4%) Boston Global Investment Trust -- Enhanced Portfolio (f) 9,791,475 9,791 -------- Total Short-Term Investments (Cost $9,791) 9,791 --------
39 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) MID-CAP EQUITY FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- REPURCHASE AGREEMENT (2.3%) BNP Paribas, 1.955% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $5,252,800 (collateralized by FNMA obligations; total market value $5,284,100) $ 5,253 $ 5,253 -------- Total Repurchase Agreement (Cost $5,253) 5,253 -------- Total Investments (Cost $194,952) (a) -- 104.5% 233,729 Liabilities in excess of other assets -- (4.5)% (10,002) -------- Net Assets -- 100.0% $223,727 ========
See notes to schedules of portfolio investments and notes to financial statements. 40 (Unaudited) MID-CAP VALUE EQUITY FUND
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- COMMON STOCKS (94.0%) CONSUMER DISCRETIONARY (15.2%) Belo Corp., Class A (e) 115,700 $ 2,918 Dollar General Corp. 246,400 4,866 Hilton Hotels Corp. 93,500 1,932 Lear Corp. 33,700 1,955 Masco Corp. 27,200 959 Mattel, Inc. 265,800 5,036 May Department Stores Co. (The) (e) 143,700 4,041 Newell Rubbermaid, Inc. (e) 129,200 2,982 Pier 1 Imports, Inc. (e) 150,200 2,740 Radioshack Corp. (e) 88,900 2,807 -------- 30,236 -------- CONSUMER STAPLES (5.4%) Adolph Coors Co., Class B (e) 17,200 1,288 Clorox Co. (The) (e) 26,900 1,483 Fomento Economico Mexicano SA ADR 63,200 3,020 H.J. Heinz Co. 79,500 2,954 J.M. Smucker Co. (The) (e) 43,700 1,987 -------- 10,732 -------- ENERGY (6.9%) GlobalSantaFe Corp. (e) 95,000 2,983 Kerr-McGee Corp. 31,500 1,960 Marathon Oil Corp. 118,200 4,662 Noble Energy, Inc. 24,300 1,550 Unocal Corp. 56,900 2,620 -------- 13,775 -------- FINANCIALS (26.5%) A.G. Edwards, Inc. (e) 53,300 2,084 Alliance Capital Management Holding LP 85,400 3,385 Assured Guaranty Ltd. 134,300 2,474 Astoria Financial Corp. (e) 48,100 1,996 Bear Stearns Cos., Inc. 20,100 1,961 Comerica, Inc. (e) 45,900 2,823 FirstMerit Corp. (e) 125,400 3,432 MBIA, Inc. (e) 52,500 3,148 Mellon Financial Corp. 170,800 4,992 Nationwide Financial Services (e) 42,918 1,613 Northern Trust Corp. 86,100 4,050 Old Republic International Corp. 74,150 1,853 PartnerRe Ltd. 32,400 1,984 Platinum Underwriters Holdings Ltd. (e) 129,200 3,851
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- FINANCIALS--CONTINUED Provident Financial Services, Inc. (e) 191,700 $ 3,725 South Financial Group, Inc. (The) (e) 142,000 4,499 UnionBanCal Corp. (e) 55,300 3,419 Zions Bancorp 17,400 1,157 -------- 52,446 -------- HEALTH CARE (4.3%) Health Management Associates, Inc., Class A (e) 139,700 3,086 Manor Care, Inc. (e) 63,200 2,177 Mylan Laboratories, Inc. (e) 80,700 1,466 Universal Health Services, Inc. 39,300 1,789 -------- 8,518 -------- INDUSTRIALS (13.6%) American Power Conversion Corp. (e) 94,500 1,998 Cintas Corp. 87,400 3,908 Dover Corp. 72,500 2,933 Embraer-Empresa Brasileira de Aeronautica S.A. ADR (e) 108,500 3,035 Pall Corp. 129,100 3,497 Pitney Bowes, Inc. 32,000 1,401 R.R. Donnelley & Sons Co. (e) 43,200 1,499 Rockwell Automation, Inc. 112,000 5,297 Teleflex, Inc. (e) 39,500 1,995 Werner Enterprises, Inc. (e) 65,200 1,467 -------- 27,030 -------- INFORMATION TECHNOLOGY (8.3%) Diebold, Inc. (e) 119,900 6,378 Harris Corp. (e) 23,700 1,569 Intersil Corp., Class A 167,900 2,703 Molex, Inc. (e) 98,300 2,710 Reynolds & Reynolds Co. (The), Class A (e) 133,700 3,173 -------- 16,533 -------- MATERIALS (7.9%) Air Products and Chemicals, Inc. 34,500 1,975 Bemis Co., Inc. 35,000 974 Bowater, Inc. (e) 60,300 2,443 Lubrizol Corp. (The) 104,000 3,594 Lyondell Chemical Co. (e) 64,500 1,810 PPG Industries, Inc. 17,600 1,187
41 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) MID-CAP VALUE EQUITY FUND -- CONCLUDED
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- MATERIALS--CONTINUED Sappi Ltd. ADR 230,400 $ 3,134 Valspar Corp. (The) 9,549 460 -------- 15,577 -------- UTILITIES (5.9%) Ameren Corp. (e) 20,000 968 American Electric Power Co., Inc. 34,000 1,162 FirstEnergy Corp. 22,100 933 FPL Group, Inc. (e) 13,200 928 KeySpan Corp. (e) 23,100 913 NiSource, Inc. 86,800 1,892 Pepco Holdings, Inc. (e) 56,457 1,205 PPL Corp. 17,600 914 Public Service Enterprise Group, Inc. (e) 33,100 1,456 Xcel Energy, Inc. (e) 69,201 1,250 -------- 11,621 -------- Total Common Stocks (Cost $167,335) 186,468 --------
- ------------------------------------------------------- Shares Value - ------------------------------------------------------- SHORT-TERM INVESTMENTS (26.1%) Boston Global Investment Trust -- Enhanced Portfolio (f) 51,845,375 $ 51,845 -------- Total Short-Term Investments (Cost $51,845) 51,845 -------- MONEY MARKET FUNDS (5.2%) Federated Government Obligations 1,371,901 1,372 Federated Prime Value Obligations Fund, Class I 8,869,333 8,869 -------- Total Money Market Funds (Cost $10,241) 10,241 -------- Total Investments (Cost $229,421) (a) -- 125.3% 248,554 Liabilities in excess of other assets -- (25.3)% (50,158) -------- Net Assets -- 100.0% $198,396 ========
See notes to schedules of portfolio investments and notes to financial statements. 42 (Unaudited) SMALL CAP GROWTH STOCK FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- COMMON STOCKS (98.3%) CONSUMER DISCRETIONARY (15.4%) 4Kids Entertainment, Inc. * (e) 140,000 $ 2,860 Aeropostale, Inc. * (e) 95,000 2,708 America's Car-Mart, Inc. * (e) 102,666 3,768 Bandag, Inc. (e) 43,000 2,144 bebe stores, Inc. (e) 80,000 2,902 Bombay Co., Inc. (The) * (e) 100,000 692 Brown Shoe Co., Inc. (e) 80,000 2,282 Building Materials Holding Corp. (e) 40,000 1,458 Casual Male Retail Group, Inc. * 350,000 1,512 Coldwater Creek, Inc. * (e) 200,000 5,240 Conn's, Inc. * 200,000 3,546 CSK Auto Corp. * 160,000 2,454 Electronics Boutique Holdings Corp. * 125,000 4,869 Emmis Communications Corp., Class A * 165,000 3,051 Fremont General Corp. (e) 100,000 2,380 Genesco, Inc. * (e) 190,000 5,620 Goody's Family Clothing, Inc. (e) 300,000 2,922 Gottschalks, Inc. * 30,000 270 Guess?, Inc. * 195,000 2,828 Guitar Center, Inc. * (e) 110,000 5,322 Hooker Furniture Corp. 38,219 892 Jos. A. Bank Clothiers, Inc. * (e) 305,000 8,022 K2, Inc. * (e) 250,000 4,220 Landry's Restaurants, Inc. (e) 150,000 4,433 M/I Homes, Inc. 55,000 2,487 MarineMax, Inc. * 150,000 4,410 New Frontier Media, Inc. * (e) 545,000 4,409 Noble International Ltd. (e) 180,000 3,548 Penn National Gaming, Inc. * 180,000 9,498 Quiksilver, Inc. * (e) 165,000 4,892 RARE Hospitality International, Inc. * 120,000 3,595 Rayovac Corp. * (e) 230,000 6,826 Rocky Shoes & Boots, Inc. * 212,201 4,414 Scientific Games Corp. * 280,000 6,692 Steiner Leisure Ltd. * 200,000 5,384 Stoneridge, Inc. * 125,000 1,901
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- CONSUMER DISCRETIONARY--CONTINUED Timberland Co. (The), Class A * (e) 85,000 $ 5,383 UniFirst Corp. 80,514 2,225 Zale Corp. * 155,000 4,534 ---------- 146,593 ---------- CONSUMER STAPLES (3.0%) BJ's Wholesale Club, Inc. * (e) 160,000 4,750 Central European Distribution Corp. * (e) 120,000 3,155 Central Garden & Pet Co. * (e) 70,000 2,709 Chattem, Inc. * (e) 175,000 6,338 Corn Products International, Inc. 35,553 1,935 Cott Corp. * 130,000 3,322 Elizabeth Arden, Inc. * (e) 230,000 5,244 Smart & Final, Inc. * (e) 71,971 1,042 ---------- 28,495 ---------- ENERGY (5.3%) Cal Dive International, Inc. * 130,000 5,598 Core Laboratories NV * 230,000 5,417 General Maritime Corp. * (e) 75,000 3,409 Harvest Natural Resources, Inc. * (e) 360,000 6,570 Key Energy Services, Inc. * 300,000 3,756 Magnum Hunter Resources, Inc. * (e) 500,000 6,700 Mission Resources Corp. * 430,000 2,670 National-Oilwell, Inc. * (e) 50,000 1,810 OMI Corp. 250,000 5,343 Ultra Petroleum Corp. * 53,751 2,831 Unit Corp. * 170,000 6,734 ---------- 50,838 ---------- FINANCIALS (10.0%) Affiliated Managers Group, Inc. * (e) 110,000 6,971 American Safety Insurance Holdings Ltd. * 150,000 2,304 Arch Capital Group Ltd. * 130,000 5,064 Asta Funding, Inc. 66,765 1,466 Bank of the Ozarks, Inc. (e) 45,000 1,604 BankAtlantic Bancorp, Inc. 230,000 4,370 Commercial Capital Bancorp, Inc. (e) 180,000 4,295
43 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) SMALL CAP GROWTH STOCK FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FINANCIALS--CONTINUED Corus Bankshares, Inc. 95,000 $ 4,624 First Cash Financial Services, Inc. * (e) 150,000 3,906 First Niagara Financial Group, Inc (e) 150,000 2,166 Infinity Property & Casualty Corp. (e) 130,000 4,810 Levitt Corp. (e) 80,000 2,057 Northwest Bancorp, Inc. 100,000 2,587 Phoenix Companies, Inc. (The) (e) 300,000 3,660 Platinum Underwriters Holdings Ltd. (e) 150,000 4,472 PrivateBancorp, Inc. 86,818 2,990 R & G Financial Corp., Class B 100,000 3,880 RLI Corp. (e) 70,000 2,916 Santander BanCorp 43,811 1,187 Selective Insurance Group, Inc. 6,660 298 South Financial Group, Inc. (The) (e) 115,000 3,644 Standard Pacific Corp. (e) 80,000 4,481 United Community Banks, Inc. 90,000 2,579 Universal American Financial Corp * 250,000 3,338 W Holding Co., Inc. (e) 270,000 5,945 Westcorp (e) 135,000 5,708 Zenith National Insurance Corp. (e) 90,000 4,137 ---------- 95,459 ---------- HEALTH CARE (14.7%) Aspect Medical Systems, Inc. * (e) 184,450 4,501 Bio-Rad Laboratories, Inc., Class A * 65,400 3,708 Bradley Pharmaceuticals, Inc. * (e) 220,000 3,894 Connetics Corp. * (e) 345,000 7,214 Dendrite International, Inc. * 300,000 5,121 Genesis Healthcare Corp. * 96,000 3,096 Gentiva Health Services, Inc. * (e) 230,000 3,830 Hologic, Inc. * (e) 140,000 3,499 IDEXX Laboratories, Inc. * (e) 65,020 3,355
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- HEALTH CARE--CONTINUED Intuitive Surgical, Inc. * (e) 202,644 $ 7,280 Kensey Nash Corp. * (e) 100,000 3,126 Kos Pharmaceuticals, Inc. * (e) 150,000 6,386 Martek Biosciences Corp. * (e) 90,000 3,498 MGI PHARMA, Inc. * (e) 240,000 6,478 Mine Safety Appliances Co. (e) 117,000 5,546 Palomar Medical Technologies, Inc. * (e) 270,000 6,083 Par Pharmaceutical, Inc. * (e) 90,000 3,551 Per-Se Technologies, Inc. * (e) 330,000 4,551 Possis Medical, Inc. * 225,000 2,597 Protein Design Labs, Inc. * 410,000 7,428 Province Healthcare Co. * 300,000 6,732 Renal Care Group, Inc. * (e) 140,000 4,662 Salix Pharmaceuticals Ltd. * (e) 265,000 4,015 SFBC International, Inc. * (e) 180,000 6,989 Sierra Health Services, Inc. * (e) 50,000 2,782 SurModics, Inc. * (e) 71,601 2,155 Third Wave Technologies, Inc. * 420,000 3,385 United Therapeutics Corp. * (e) 140,000 6,161 Ventana Medical Systems, Inc. * (e) 55,000 3,286 Ventiv Health, Inc. * (e) 280,000 5,421 ---------- 140,330 ---------- INDUSTRIALS (19.0%) Actuant Corp. * (e) 185,000 8,698 Albany International Corp. (e) 42,794 1,431 AMX Corp. * (e) 250,000 4,413 Celadon Group, Inc. * 160,000 3,424 Copart, Inc. * 250,000 5,400 Corrections Corp. of America * (e) 130,000 5,135 Covenant Transportation, Inc., Class A * 130,000 2,499 Dycom Industries, Inc. * 205,000 5,974 ElkCorp (e) 205,000 6,068 Encore Wire Corp. * (e) 375,000 5,053
44 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- INDUSTRIALS--CONTINUED Engineered Support Systems, Inc. (e) 90,000 $ 4,950 Gardner Denver, Inc. * (e) 134,621 4,631 Genlyte Group, Inc. (The) * 95,000 7,615 Gevity HR, Inc. (e) 325,000 5,756 Griffon Corp. * (e) 280,000 7,021 II-VI, Inc. (e) 42,366 1,828 Innovative Solutions & Support, Inc. * 106,562 3,262 J. B. Hunt Transport Services, Inc. (e) 115,000 4,623 Kforce, Inc. * 300,000 3,594 Labor Ready, Inc. * 300,000 4,764 Marten Transport Ltd. * 290,000 6,366 Mercury Computer Systems, Inc. * 140,000 4,410 Mueller Industries, Inc. 110,000 3,380 Navigant Consulting, Inc. * (e) 356,059 8,313 NCI Building Systems, Inc. * (e) 70,000 2,597 Orbital Sciences Corp. * (e) 300,000 3,900 Overnite Corp. (e) 115,000 4,064 P.A.M. Transportation Services, Inc. * (e) 180,000 3,654 Pacer International, Inc. * (e) 120,000 2,347 Pinnacle Airlines Corp. * 210,000 2,636 Power-One, Inc. * 550,000 5,055 SI International, Inc. * (e) 175,000 5,065 Silgan Holdings, Inc. 95,000 5,159 Simpson Co., Inc. 140,000 4,704 SkyWest, Inc. (e) 270,510 5,148 U.S. Xpress Enterprises, Inc. * 125,000 3,250 Ultralife Batteries, Inc. * (e) 120,000 1,805 Volt Information Sciences, Inc. * 82,000 2,501 Werner Enterprises, Inc. (e) 295,000 6,638 Woodward Governor Co. 60,000 4,371 ---------- 181,502 ---------- INFORMATION TECHNOLOGY (26.6%) Activision, Inc. * (e) 360,000 5,659 Aeroflex, Inc. * 200,000 2,450 Aladdin Knowledge Systems Ltd. * 100,000 2,908 American Software, Inc. 450,272 2,679 ANSYS, Inc. * 160,000 4,910
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Anteon International Corp. * (e) 165,000 $ 6,108 ARGON ST, Inc. * 195,000 5,043 ATMI, Inc. * (e) 100,000 2,302 AuthentiDate Holding Corp. * 440,000 3,054 BEI Technologies, Inc. (e) 80,000 2,348 C-COR, Inc. * 80,000 716 CACI International, Inc. * (e) 85,000 5,281 Captiva Software Corp. * 480,000 4,694 Carrier Access Corp. * (e) 400,000 3,612 CBRL Group, Inc. 140,000 5,708 ChipMOS TECHNOLOGIES (Bermuda) Ltd. * (e) 660,000 3,656 CIBER, Inc. * (e) 200,000 1,866 CTS Corp. (e) 200,000 2,672 Cypress Semiconductor Corp. * (e) 430,000 4,236 Digi International, Inc. * 500,000 7,694 Ditech Communications Corp. * (e) 420,000 6,619 Dot Hill Systems Corp. * 200,000 1,320 EarthLink, Inc. * (e) 390,000 4,228 Epicor Software Corp. * 170,000 2,681 Euronet Worldwide, Inc. * (e) 105,000 2,583 Global Payments, Inc. 65,000 3,585 Hypercom Corp. * (e) 660,000 4,013 Hyperion Solutions Corp. * (e) 100,000 4,481 InfoCrossing, Inc. * (e) 537,000 9,021 Integrated Device Technology, Inc. * 350,000 3,973 IXYS Corp. * 360,000 3,344 Jupitermedia Corp. * (e) 280,000 4,696 Magma Design Automation, Inc. * (e) 250,000 3,390 Measurement Specialties, Inc. * 100,000 2,551 Merix Corp. * (e) 260,000 2,829 Metrologic Instruments, Inc. * (e) 230,000 4,699 MicroStrategy, Inc., Class A * 90,000 5,810 MIPS Technologies, Inc. * (e) 160,000 1,400 Network Technology, PLC * (e) 160,000 1,522
45 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) SMALL CAP GROWTH STOCK FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED NICE Systems Ltd. * 260,000 $ 7,474 OmniVision Technologies, Inc. * (e) 100,000 1,784 Orbotech Ltd. * 155,000 2,939 Performance Technologies, Inc. * 450,000 3,209 Radyne ComStream, Inc. * (e) 530,000 3,859 ROFIN-SINAR Technologies, Inc. * (e) 240,000 9,359 Rogers Corp. * 135,000 6,406 Secure Computing Corp. * (e) 300,000 3,126 Silicon Image, Inc. * (e) 265,000 4,452 Silicon Storage Technology, Inc. * (e) 320,000 2,227 Skyworks Solutions, Inc. * (e) 400,000 3,972 SM&A * 350,000 2,825 Symmetricom, Inc. * (e) 400,000 4,320 TeleCommunication Systems, Inc. * (e) 770,000 2,341 THQ, Inc. * (e) 115,000 2,468 TransAct Technologies, Inc. * (e) 140,000 3,129 Transaction Systems Architects, Inc. * 280,000 5,746 Trimble Navigation Ltd. * (e) 130,000 4,104 TTI Team Telecom International Ltd. * (e) 135,400 311 Ultimate Software Group, Inc. (The) * 580,000 7,407 Verint Systems, Inc. * 150,000 6,171 WebEx Communications, Inc. * (e) 285,000 6,766 Westell Technologies, Inc., Class A * (e) 200,000 1,310 Western Digital Corp. * 500,000 4,885 Witness Systems, Inc. * (e) 110,000 1,649 ---------- 252,580 ----------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MATERIALS (4.0%) Agrium, Inc. (e) 380,000 $ 7,060 Commercial Metals Co. 60,000 2,720 Florida Rock Industries, Inc. (e) 95,000 5,349 Georgia Gulf Corp. (e) 120,000 6,910 Gibraltar Industries, Inc. 113,093 2,724 IMCO Recycling, Inc. * (e) 329,900 5,331 Metal Management, Inc. * (e) 71,559 1,881 Texas Industries, Inc. (e) 105,000 6,300 ---------- 38,275 ---------- TELECOMMUNICATION SERVICES (0.2%) EMS Technologies, Inc. * 120,617 1,892 ---------- WARRANTS (0.1%) InfoCrossing, Inc. * 139,109 1,244 ---------- Total Common Stocks (Cost $733,886) 937,208 ---------- PREFERRED STOCKS (0.1%) CONSUMER DISCRETIONARY (0.1%) Fedders Corp. (e) 21,500 501 ---------- Total Preferred Stocks (Cost $510) 501 ---------- CORPORATE BONDS (0.1%) COPPER FOUNDRIES (0.1%) Mueller Industries, Inc., 6.000%, 11/01/14, Callable 11/16/04 @ 105.00 $ 1,148 1,125 ---------- Total Corporate Bonds (Cost $1,148) 1,125 ---------- SHORT-TERM INVESTMENTS (31.8%) Boston Global Investment Trust -- Enhanced Portfolio (f) 302,661,025 302,661 ---------- Total Short-Term Investments (Cost $302,661) 302,661 ----------
46 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- REPURCHASE AGREEMENT (1.5%) BNP Paribas, 1.955% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $14,849,665 (collateralized by U.S. Treasury Notes; total market value $14,988,000) $ 14,694 $ 14,694 ---------- Total Repurchase Agreement (Cost $14,694) 14,694 ---------- Total Investments (Cost $1,052,899) (a) -- 131.8% 1,256,189 Liabilities in excess of other assets -- (31.8)% (303,291) ---------- Net Assets -- 100.0% $ 952,898 ==========
See notes to schedules of portfolio investments and notes to financial statements. 47 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) SMALL CAP VALUE EQUITY FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- COMMON STOCKS (97.6%) CONSUMER DISCRETIONARY (20.6%) ArvinMeritor, Inc. (e) 307,100 $ 6,741 Bassett Furniture Industries, Inc. 228,300 4,500 Benetton Group SpA ADR 324,200 7,803 Books-A-Million, Inc. (e) 402,900 3,715 BorgWarner Transmission Systems, Inc. (e) 271,400 13,586 Cummins, Inc. (e) 182,100 14,500 Fairmont Hotels & Resorts, Inc. 392,600 12,178 Grupo Elektra, S.A. de C.V. ADR (e) 260,300 9,842 Ingles Markets, Inc., Class A (e) 86,800 1,110 Intrawest Corp. 480,500 9,605 K-Swiss, Inc., Class A (e) 438,400 11,877 Lithia Motors, Inc. (e) 408,200 10,360 Makita Corp. ADR (e) 639,754 9,955 Marine Products Corp. (e) 57,684 1,511 Natuzzi S.p.A. ADR 284,500 3,172 Nautilus Group, Inc. (The) (e) 370,400 8,071 Pep Boys-Manny, Moe & Jack (The) (e) 124,100 1,955 Ritchie Bros. Auctioneers, Inc. 130,700 3,908 Snap-on, Inc. (e) 281,100 8,886 Sturm, Ruger & Co., Inc. (e) 139,100 1,263 United Auto Group, Inc. (e) 341,700 9,745 Winnebago Industries, Inc. (e) 284,600 10,795 --------- 165,078 --------- CONSUMER STAPLES (3.7%) Adolph Coors Co., Class B (e) 106,300 7,962 Church & Dwight Co., Inc. 382,950 11,955 J.M. Smucker Co. (The) (e) 206,043 9,371 --------- 29,288 --------- ENERGY (2.0%) Airgas, Inc. (e) 600,000 15,948 --------- FINANCIALS (15.4%) American Financial Group, Inc. (e) 212,000 6,674 BankAtlantic Bancorp, Inc. 414,600 7,877 Banner Corp. 120,300 3,972 City National Corp. 109,200 7,469 Cohen & Steers, Inc. (e) 352,630 6,309 Colonial BancGroup, Inc. (The) 357,900 7,598
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FINANCIALS--CONTINUED Glacier Bancorp, Inc. (e) 194,746 $ 6,740 HCC Insurance Holdings, Inc. (e) 297,200 9,849 Horizon Financial Corp. (e) 242,706 4,978 Hub International Ltd. 694,600 11,954 International Bancshares Corp. 98,000 3,876 Jefferies Group, Inc. (e) 181,600 7,377 PXRE Group Ltd. 180,500 4,355 Scottish Annuity & Life (e) 182,900 4,207 Seacoast Banking Corp. of Florida (e) 227,700 5,014 StanCorp Financial Group, Inc. (e) 173,900 13,747 Washington Federal, Inc. (e) 192,913 5,203 West Coast Bancorp (e) 239,453 6,300 --------- 123,499 --------- HEALTH CARE (8.0%) Cambrex Corp. (e) 421,600 10,456 Cooper Cos., Inc. (The) (e) 325,100 22,603 Invacare Corp. (e) 166,800 8,425 Mentor Corp. (e) 422,700 13,045 Perrigo Co. (e) 520,400 9,388 --------- 63,917 --------- INDUSTRIALS (20.7%) ABM Industries, Inc. (e) 354,300 7,777 ADESA, Inc. 332,069 6,628 Apogee Enterprises, Inc. (e) 397,400 5,794 Baldor Electric Co. (e) 322,100 8,884 Briggs & Stratton Corp. (e) 253,400 9,938 Brink's Co. (The) 581,600 22,456 CHC Helicopter Corp. 408,800 16,965 Chemed Corp. (e) 147,300 9,138 CP Ships Ltd. 882,200 11,707 ElkCorp 127,900 3,786 Embraer-Empresa Brasileira de 343,316 9,603 Aeronautica SA ADR (e) Harsco Corp. 169,500 9,009 Lan Airlines SA ADR 304,100 8,305 Lennox International, Inc. (e) 365,789 6,581 Oshkosh Truck Corp. (e) 138,600 8,707 Quixote Corp. (e) 401,300 8,411 Tecumseh Products Co., Class A (e) 81,200 3,718 Valmont Industries, Inc. (e) 360,100 8,988 --------- 166,395 ---------
48 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- INFORMATION TECHNOLOGY (16.6%) CBRL Group, Inc. 410,700 $ 16,744 Factset Research Systems, Inc. (e) 273,000 14,100 Fair Isaac Corp. (e) 493,900 16,388 Harris Corp. (e) 368,128 24,365 Helix Technology Corp. (e) 321,100 4,839 Keithley Instruments, Inc. 258,500 4,891 Lowrance Electronics, Inc. 188,000 5,755 Movado Group, Inc. 638,400 11,747 Nam Tai Electronics, Inc. (e) 455,700 8,736 Premier Farnell PLC ADR 808,100 6,279 Reynolds & Reynolds Co. (The), Class A (e) 809,800 19,217 --------- 133,061 --------- MATERIALS (9.5%) Agnico-Eagle Mines Ltd. 472,700 7,431 Arch Coal, Inc. 230,400 8,801 Companhia Siderurgica Nacional ADR 243,700 4,579 LSI Industries, Inc. (e) 523,587 5,204 Peabody Energy Corp. (e) 179,800 14,924 Sappi Ltd. ADR 458,100 6,230 Sociedad Quimica y Minera de Chile SA ADR 75,900 4,628 Tenaris SA ADR 104,773 5,287 United States Steel Corp. (e) 141,900 7,430 Valspar Corp. (The) (e) 243,000 11,717 --------- 76,231 --------- UTILITIES (1.1%) Companhia de Saneamento Basico ADR 651,500 8,828 --------- Total Common Stocks (Cost $565,741) 782,245 ---------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- SHORT-TERM INVESTMENTS (25.5%) Boston Global Investment Trust -Enhanced Portfolio (f) 204,020 $ 204,020 --------- Total Short-Term Investments (Cost $204,020) 204,020 --------- MONEY MARKET FUNDS (0.0%) SEI Daily Income Trust 37,201 37 --------- Total Money Market Funds (Cost $37) 37 --------- REPURCHASE AGREEMENT (2.3%) Lehman Brothers, 1.985% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $18,236,281 (collateralized by FNMA obligations; total market value $18,602,059) $ 18,235 18,235 --------- Total Repurchase Agreement (Cost $18,235) 18,235 --------- Total Investments (Cost $788,033) (a) -- 125.4% 1,004,537 Liabilities in excess of other assets -- (25.4)% (203,533) --------- Net Assets -- 100.0% $ 801,004 =========
See notes to schedules of portfolio investments and notes to financial statements. 49 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) STRATEGIC QUANTITATIVE EQUITY FUND
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- COMMON STOCKS (95.7%) CONSUMER DISCRETIONARY (14.6%) Abercrombie & Fitch Co., Class A 7,726 $ 352 Aeropostale, Inc. * 12,454 355 Bed Bath & Beyond, Inc. * 8,157 326 Best Buy Co., Inc. 5,750 324 CEC Entertainment, Inc. * 8,583 349 Coach, Inc. * 6,623 330 Corning, Inc. * 24,658 310 Costco Wholesale Corp. 9,940 483 Cummins, Inc. 10,541 839 eBay, Inc. * 2,907 327 Fremont General Corp. 39,672 945 Harman International Industries, Inc. 2,823 347 Home Depot, Inc. (The) 7,712 322 JAKKS Pacific, Inc. * 18,377 342 John H. Harland Co. 9,768 345 K-Swiss, Inc., Class A 12,930 350 KB Home 3,701 325 Limited Brands, Inc. 13,343 326 McDonald's Corp. 10,702 329 Meritage Homes Corp. * 3,724 349 Nash Finch Co. 16,339 606 NIKE, Inc., Class B 3,836 325 Nordstrom, Inc. 7,451 326 Polaris Industries, Inc. 5,338 352 Pulte Homes, Inc. 5,907 326 Rayovac Corp. * 20,675 614 Reebok International Ltd. 8,283 322 Ruddick Corp. 27,488 600 Starwood Hotels & Resorts Worldwide, Inc. 6,293 329 Time Warner, Inc. * 18,515 328 Toll Brothers, Inc. * 6,776 348 Urban Outfitters, Inc. * 8,186 348 Wolverine World Wide, Inc. 11,464 343 ------- 13,142 ------- CONSUMER STAPLES (3.2%) Alberto-Culver Co. 10,460 484 Anheuser-Busch Cos., Inc. 9,598 481 Church & Dwight Co., Inc. 19,497 609 Colgate-Palmolive Co. 10,508 483 Starbucks Corp. * 5,801 326 SUPERVALU, Inc. 15,499 490 ------- 2,873 ------- ENERGY (14.7%) Apache Corp. 28,539 1,542 Cal Dive International, Inc. * 17,710 763
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- ENERGY--CONTINUED CARBO Ceramics, Inc. 3,747 $ 291 ChevronTexaco Corp. 27,919 1,524 ConocoPhillips 16,889 1,537 Exxon Mobil Corp. 29,675 1,521 Hydril 9,399 441 Newfield Exploration Co. * 12,083 759 Occidental Petroleum Corp. 25,492 1,535 Offshore Logistics, Inc. * 20,095 762 Overseas Shipholding Group, Inc. 11,691 768 Petroleum Development * 7,089 291 Swift Energy Co. * 25,569 776 Varco International, Inc. 25,323 753 ------- 13,263 ------- FINANCIALS (19.1%) Americredit Corp. * 43,662 914 AmerUs Group Co. 20,914 911 Capital One Financial Corp. 8,353 656 Chubb Corp. (The) 8,617 657 CIT Group, Inc. 15,709 672 Comerica, Inc. 10,667 656 Delphi Financial Group, Inc. * 12,033 559 Goldman Sachs Group, Inc. (The) 6,216 651 Hartford Financial Services Group, Inc., (The) 10,217 654 Lincoln National Corp. 14,209 654 Lowe's Cos., Inc. 9,524 666 MGIC Investment Corp. 9,659 657 National City Corp. 17,693 656 Ohio Casualty Corp. * 42,507 913 PMI Group, Inc. (The) 22,304 918 Protective Life Corp. 21,967 920 Providian Financial Corp. * 41,438 665 Prudential Financial, Inc. 13,386 655 Safeco Corp. 13,623 660 Selective Insurance Group, Inc. 20,636 925 StanCorp Financial Group, Inc. 5,811 459 UICI 27,467 917 UnumProvident Corp. * 41,943 653 Zenith National Insurance Corp. 10,700 492 ------- 17,140 ------- HEALTH CARE (7.5%) Anthem, Inc. * 3,397 344 Biomet, Inc. 7,167 343 C. R. Bard, Inc. 5,734 344 Caremark Rx, Inc. * 9,642 345 Cooper Cos., Inc. (The) 4,889 340 Coventry Health Care, Inc. * 6,994 347 DENTSPLY International, Inc. * 6,521 343
50 (Unaudited)
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- HEALTH CARE--CONTINUED Genzyme Corp. * 6,161 $ 345 IDEXX Laboratories, Inc. * 6,642 343 Johnson & Johnson 5,654 341 Kensey Nash Corp. * 10,909 341 Medicis Pharmaceutical Corp., Class A 9,497 348 Respironics, Inc. * 6,249 346 St. Jude Medical, Inc. * 9,105 347 SurModics, Inc. * 6,766 204 Thermo Electron Corp. * 11,389 345 UnitedHealth Group, Inc. 4,140 343 Varian Medical Systems, Inc. * 8,176 344 WellPoint Health Networks, Inc. * 2,750 344 Zimmer Holdings, Inc. * 4,227 345 ------- 6,742 ------- INDUSTRIALS (19.0%) Acuity Brands, Inc. 21,067 620 AGCO Corp. * 28,643 624 Arkansas Best Corp. 14,368 620 Boeing Co. (The) 15,559 833 Brink's Co. (The) 16,054 620 Burlington Northern Santa Fe Corp. 18,632 839 Centex Corp. 6,257 328 Chemed Corp. 5,516 342 Coinstar, Inc. * 10,907 284 D. R. Horton, Inc. 9,861 347 Deere & Co. 11,799 847 Educational Management Corp. * 14,809 491 General Dynamics Corp. 7,749 840 Heidrick & Struggles International, Inc. 10,065 346 Insurance Auto Auctions, Inc. * 16,891 375 Kennametal, Inc. * 12,127 622 Labor Ready, Inc. * 38,555 612 M. D. C. Holdings, Inc. 4,607 349 Norfolk Southern Corp. 24,381 837 NVR, Inc. * 506 350 Parker Hannifin Corp. 11,156 834 R.R. Donnelley & Sons Co. 24,128 837 Raytheon Co. 20,906 843 Ryder System, Inc. 15,747 845 Ryland Group, Inc. (The) 3,434 348 Textron, Inc. 11,510 836 The B.F. Goodrich Co. 26,343 836 Yellow Roadway Corp. * 11,677 617 ------- 17,122 -------
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- INFORMATION TECHNOLOGY (12.4%) Activision, Inc. * 24,171 $ 380 Adobe Systems, Inc. 5,133 311 Advent Software, Inc. * 15,611 312 Apple Computer, Inc. * 4,586 307 Autodesk, Inc. 4,757 311 Citrix Systems, Inc. * 13,079 309 Coherent, Inc. 7,523 217 CommScope, Inc. * 19,957 385 Computer Associates International, Inc. 10,221 312 Comverse Technology, Inc. * 14,567 310 Cree, Inc. * 10,492 375 DRS Technologies, Inc. * 14,422 617 Electronic Data Systems Corp. 13,832 311 Filenet Corp. * 14,086 378 Gateway 2000, Inc. * 47,428 323 McDATA Corp. 71,380 402 Micros Systems, Inc. 5,254 385 NCR Corp. * 5,245 313 Network Appliance, Inc. * 10,289 310 NVIDIA Corp. * 16,156 309 Parametric Technology Corp. * 53,861 315 Powerwave Technologies, Inc. * 47,233 382 Retek, Inc. * 57,070 348 Serena Software, Inc. * 18,229 380 Symmetricom, Inc. * 32,888 355 Tektronix, Inc. 9,826 308 Teledyne Technologies, Inc. * 20,903 622 Texas Instruments, Inc. 12,610 305 Thomas & Betts Corp. * 19,350 613 Websense, Inc. * 7,996 384 Xerox Corp. * 20,045 307 ------- 11,196 ------- MATERIALS (5.2%) Albemarle Corp. 8,627 344 Eastman Chemical Co. 15,519 844 FMC Corp. * 12,410 615 Georgia Gulf Corp. 10,858 625 Maverick Tube Corp. * 23,845 756 OM Group, Inc. * 20,378 626 PPG Industries, Inc. 12,365 834 ------- 4,644 ------- Total Common Stocks (Cost $78,099) 86,122 -------
51 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) STRATEGIC QUANTITATIVE EQUITY FUND -- CONCLUDED
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- REPURCHASE AGREEMENT (0.1%) Merrill Lynch, 1.995% dated 11/30/04, to be repurchased on 12/1/04, repurchase price $96,254 (collateralized by U.S. Government obligations; total market value $101,263) $ 96 $ 96 ------- Total Repurchase Agreement (Cost $96) 96 ------- Total Investments (Cost $78,195) (a) -- 95.8% 86,218 Other assets in excess of liabilities -- 4.2% 3,785 ------- Net Assets -- 100.0% $90,003 =======
See notes to schedules of portfolio investments and notes to financial statements. 52 (Unaudited) TAX SENSITIVE GROWTH STOCK FUND
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- COMMON STOCKS (97.2%) CONSUMER DISCRETIONARY (13.9%) eBay, Inc. * 30,000 $ 3,374 Home Depot, Inc. (The) 75,000 3,131 J. C. Penney Co., Inc. 25,000 965 Kohl's Corp. * 32,000 1,477 Liz Claiborne, Inc. 72,000 2,957 Marriott International, Inc., Class A 37,000 2,103 Staples, Inc. 130,000 4,148 Target Corp. 103,500 5,302 Walt Disney Co. (The) 113,500 3,051 -------- 26,508 -------- CONSUMER STAPLES (9.3%) Gillette Co. (The) 73,000 3,175 PepsiCo, Inc. 75,000 3,743 Procter & Gamble Co. (The) 106,000 5,668 Sara Lee Corp. 63,000 1,479 Starbucks Corp. * 14,800 833 SYSCO Corp. 17,000 591 Wal-Mart Stores, Inc. 44,881 2,337 -------- 17,826 -------- ENERGY (8.0%) Apache Corp. 75,250 4,068 ChevronTexaco Corp. 64,000 3,494 Exxon Mobil Corp. 134,000 6,868 Schlumberger Ltd. 11,800 774 -------- 15,204 -------- FINANCIALS (13.1%) American Express Co. 55,180 3,074 American International Group, Inc. 15,977 1,012 Goldman Sachs Group, Inc. (The) 13,000 1,362 Legg Mason, Inc. 20,000 1,363 Marshall & Ilsley Corp. 88,000 3,669 MBNA Corp. 141,700 3,764 SLM Corp. 71,000 3,633 U.S. Bancorp 86,000 2,548 Wells Fargo & Co. 74,000 4,570 -------- 24,995 -------- HEALTH CARE (17.0%) Biomet, Inc. 138,000 6,606 Johnson & Johnson 121,732 7,344
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- HEALTH CARE--CONTINUED Medtronic, Inc. 82,063 $ 3,943 Patterson Cos., Inc. * 61,000 2,492 Pfizer, Inc. 186,093 5,168 St. Jude Medical, Inc. * 68,000 2,594 UnitedHealth Group, Inc. 52,100 4,316 -------- 32,463 -------- INDUSTRIALS (17.0%) Danaher Corp. 75,000 4,266 Eaton Corp. 31,000 2,089 Emerson Electric Co. 35,000 2,339 General Dynamics Corp. 18,000 1,950 General Electric Co. 194,844 6,891 Illinois Tool Works, Inc. 39,000 3,675 ITT Industries, Inc. 35,000 2,979 Parker Hannifin Corp. 22,000 1,646 Raytheon Co. 62,000 2,501 United Parcel Service, Inc., Class B 48,600 4,090 -------- 32,426 -------- INFORMATION TECHNOLOGY (16.0%) Applied Materials, Inc. * 15,606 260 CDW Corp. 41,000 2,695 Cisco Systems, Inc. * 250,179 4,681 Computer Sciences Corp. * 34,000 1,839 Dell, Inc. * 58,000 2,350 Intel Corp. 152,086 3,399 Lexmark International, Inc., Class A * 19,000 1,613 Microsoft Corp. 283,056 7,588 Oracle Corp. * 160,808 2,036 QUALCOMM, Inc. 47,000 1,956 Zebra Technology Corp., Class A * 40,150 2,019 -------- 30,436 -------- MATERIALS (2.9%) Air Products and Chemicals, Inc. 44,000 2,519 Praxair, Inc. 68,000 3,053 -------- 5,572 -------- Total Common Stocks (Cost $139,660) 185,430 --------
53 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) TAX SENSITIVE GROWTH STOCK FUND -- CONCLUDED
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- REPURCHASE AGREEMENT (1.8%) BNP Paribas, 1.955% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $3,372,620 (collateralized by U.S. Government obligations; total market value $3,440,864) $ 3,372 $ 3,372 -------- Total Repurchase Agreement (Cost $3,372) 3,372 -------- Total Investments (Cost $143,032) (a) -- 99.0% 188,802 Other assets in excess of liabilities -- 1.0% 1,928 -------- Net Assets -- 100.0% $190,730 ========
See notes to schedules of portfolio investments and notes to financial statements. 54 (Unaudited) VALUE INCOME STOCK FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- COMMON STOCKS (94.6%) CONSUMER DISCRETIONARY (12.0%) 3M Co. 242,600 $ 19,308 Dollar General Corp. 478,100 9,442 Gannett Co., Inc. 158,900 13,108 Lear Corp. 181,200 10,510 Masco Corp. 129,600 4,571 Mattel, Inc. 547,500 10,375 May Department Stores Co. (The) 387,400 10,894 McGraw-Hill Cos., Inc. (The) 54,300 4,764 Newell Rubbermaid, Inc. (e) 498,718 11,510 Pier 1 Imports, Inc. (e) 385,200 7,026 Viacom, Inc., Class B 342,800 11,895 --------- 113,403 --------- CONSUMER STAPLES (10.2%) Anheuser-Busch Cos., Inc. 182,150 9,124 Clorox Co. (The) 84,842 4,676 Colgate-Palmolive Co. 291,700 13,415 General Mills, Inc. 224,600 10,217 H.J. Heinz Co. 277,200 10,301 Kimberly-Clark Corp. 229,150 14,576 Kraft Foods, Inc., Class A 281,950 9,643 PepsiCo, Inc. 319,400 15,942 Wal-Mart Stores, Inc. 173,000 9,006 --------- 96,900 --------- ENERGY (6.4%) BP PLC ADR 156,500 9,601 Exxon Mobil Corp. 368,050 18,863 Kerr-McGee Corp. 161,050 10,022 Marathon Oil Corp. 248,000 9,781 Unocal Corp. 261,800 12,053 --------- 60,320 --------- FINANCIALS (24.6%) A.G. Edwards, Inc. 242,500 9,482 Alliance Capital Management Holding LP 193,537 7,672 Allstate Corp. (The) 194,950 9,845 American Express Co. 129,050 7,189 Astoria Financial Corp. (e) 119,650 4,965 Bank of America Corp. 350,950 16,238 Bank of New York Co., Inc. (The) 338,100 11,127 Citigroup, Inc. 412,350 18,454 Comerica, Inc. (e) 121,265 7,458 Commerce Bancshares, Inc. 102,848 5,030 FirstMerit Corp. 176,478 4,830
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FINANCIALS--CONTINUED Goldman Sachs Group, Inc. (The) 97,600 $ 10,225 Huntington Bancshares, Inc. 293,950 7,131 Lehman Brothers Holdings, Inc. 188,650 15,805 MBIA, Inc. 164,550 9,866 Mellon Financial Corp. 485,450 14,185 Merrill Lynch & Co., Inc. 260,700 14,524 National City Corp. 189,250 7,017 Provident Financial Services, Inc. 255,600 4,966 Regions Financial Corp. 223,572 7,823 Safeco Corp. 203,826 9,879 South Financial Group, Inc. (The) 159,292 5,047 UnionBanCal Corp. 114,750 7,095 Wachovia Corp. 343,000 17,751 --------- 233,604 --------- HEALTH CARE (4.9%) Abbott Laboratories 331,800 13,922 Health Management Associates, Inc., Class A (e) 306,650 6,774 Johnson & Johnson 154,300 9,307 Pfizer, Inc. 237,800 6,604 Wyeth 246,850 9,842 --------- 46,449 --------- INDUSTRIALS (13.4%) Cintas Corp. 187,600 8,389 Dover Corp. 270,900 10,958 Emerson Electric Co. 213,200 14,246 General Electric Co. 550,650 19,471 Honeywell International, Inc. 546,650 19,313 Lockheed Martin Corp. 243,400 14,808 Pall Corp. 270,581 7,330 Parker Hannifin Corp. 95,850 7,170 Pitney Bowes, Inc. 150,098 6,570 Rockwell Automation, Inc. 222,215 10,511 Teleflex, Inc. (e) 159,500 8,055 --------- 126,821 --------- INFORMATION TECHNOLOGY (5.6%) Automatic Data Processing, Inc. 155,700 7,089 Diebold, Inc. 215,350 11,457 Harris Corp. 80,000 5,295 Hewlett-Packard Co. 363,700 7,274
55 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 (Amounts in thousands, except shares) VALUE INCOME STOCK FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- INFORMATION TECHNOLOGY--CONTINUED Intersil Corp., Class A 330,450 $ 5,320 Microsoft Corp. 220,700 5,917 Nokia Corp. ADR (e) 662,400 10,711 --------- 53,063 --------- MATERIALS (6.9%) Air Products and Chemicals, Inc. 168,950 9,672 Alcoa, Inc. 285,850 9,713 Dow Chemical Co. (The) 153,450 7,745 E.I. du Pont de Nemours & Co. 313,150 14,192 International Paper Co. 361,900 15,027 Rohm & Haas Co. 216,450 9,543 --------- 65,892 --------- TELECOMMUNICATION SERVICES (4.8%) ALLTEL Corp. 124,500 7,058 SBC Communications, Inc. 337,600 8,497 Sprint Corp. 472,550 10,779 Verizon Communications, Inc. 471,460 19,438 --------- 45,772 --------- UTILITIES (5.8%) FPL Group, Inc. 135,600 9,537 NiSource, Inc. 323,300 7,045 Pepco Holdings, Inc. 332,188 7,089 Public Service Enterprise Group, Inc. 211,772 9,316 Southern Co. 449,300 14,732 Xcel Energy, Inc. 389,930 7,042 --------- 54,761 --------- Total Common Stocks (Cost $776,670) 896,985 ---------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- SHORT-TERM INVESTMENTS (1.4%) Boston Global Investment Trust -- Enhanced Portfolio (f) 12,846,550 $ 12,847 --------- Total Short-Term Investments (Cost $12,847) 12,847 --------- REPURCHASE AGREEMENTS (5.2%) ABN Amro, 1.955% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $24,241,348 (collateralized by FHLB obligations; total market value $24,725,527) $ 24,240 24,240 Merrill Lynch, 1.995% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $25,427,223 (collaterized by GNMA obligations; total market value $25,934,523) 25,426 25,426 --------- Total Repurchase Agreements (Cost $49,666) 49,666 --------- Total Investments (Cost $839,183) (a) -- 101.2% 959,498 Liabilities in excess of other assets -- (1.2)% (10,977) --------- Net Assets -- 100.0% $ 948,521 =========
See notes to schedules of portfolio investments and notes to financial statements. 56 STI CLASSIC EQUITY FUNDS NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS * Non-income producing security. (a) See notes to financial statements for unrealized appreciation/(depreciation) of securities on a tax basis. (b) Market value is less than five hundred dollars. (c) Affiliate Investment. (d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e) This security or a partial position of the security was on loan at November 30, 2004. The total value of securities on loan at November 30, 2004 in thousands was $8,591, $9,750, $21,777, $1,994, $22,150, $30,018, $9,565, $50,627, $295,101, $199,314, and $12,481 for Balanced, Capital Appreciation, Growth and Income, Information & Technology, International Equity, International Equity Index, Mid Cap Equity, Mid Cap Value Equity, Small Cap Growth, Small Cap Value Equity, and Value Income, respectively. (f) This security was purchased with cash collateral held from securities lending. (g) The Fund's advisor has deemed all or a portion of this security to be illiquid based upon procedures approved by the Board of Trustees. The following abbreviations are used in these Schedules of Portfolio Investments: ADR American Depository Receipt CBTCS Convertible Bond Transferable Custodial Security GDR Global Depository Receipts LLC Limited Liability Company REIT Real Estate Investment Trust SPDR Standard & Poor's Depository Receipt
57 STATEMENTS OF ASSETS AND LIABILITIES (000) STI CLASSIC EQUITY FUNDS November 30, 2004
Aggressive Capital Emerging Growth Stock Balanced Appreciation Growth Stock Fund Fund Fund Fund ------------ -------- ------------ ------------ Assets: Investments at Value...................................... $41,596 $304,776 $1,789,151 $16,505 Investments in Affiliates................................. -- -- -- -- Repurchase Agreements, at Cost............................ 2,705 14,814 -- 998 ------- -------- ---------- ------- Total Investments*........................................ 44,301 319,590 1,789,151 17,503 Cash...................................................... -- -- -- -- Foreign Currency, at Value (cost $7,959; $1,070, respectively)........................................... -- -- -- -- Interest and Dividends Receivable......................... 16 1,981 7,355 1 Receivable for Capital Shares Sold........................ -- -- 15 1 Receivable for Investment Securities Sold................. 89 17,515 7,057 35 Reclaims Receivable....................................... -- -- -- -- Deferred Organization Costs............................... 8 -- -- 18 Prepaid Expenses and Other Assets......................... 1 12 52 -- ------- -------- ---------- ------- Total Assets.............................................. 44,415 339,098 1,803,630 17,558 ------- -------- ---------- ------- Liabilities: Payable for Fund Overdraft................................ -- 2,705 2,214 -- Payable for Investment Securities Purchased............... 3 30,085 16 188 Payable for Capital Shares Redeemed....................... -- 301 352 -- Payable upon Return of Securities Loaned.................. -- 8,770 9,964 -- Investment Advisory Fees Payable.......................... 28 227 1,657 15 Administration Fees Payable............................... 1 7 40 -- Distribution and Service Fees Payable..................... -- 47 151 -- Custodian Fees Payable.................................... -- 5 29 -- Accrued Expenses.......................................... 12 16 88 11 ------- -------- ---------- ------- Total Liabilities......................................... 44 42,163 14,511 214 ------- -------- ---------- ------- Total Net Assets.......................................... $44,371 $296,935 $1,789,119 $17,344 ======= ======== ========== ======= Net Assets: Capital................................................... $42,885 $272,577 $1,590,617 $17,774 Accumulated Net Investment Income (Loss).................. (148) 1,218 3,115 (88) Accumulated Net Realized Gains (Losses) on Investment Transactions and Foreign Currency Transactions.......... (917) 4,010 10,815 (1,555) Net Unrealized Appreciation on Foreign Currency Transactions............................................ -- -- -- -- Net Unrealized Appreciation (Depreciation) on Investments............................................. 2,551 19,130 184,572 1,213 ------- -------- ---------- ------- Total Net Assets.......................................... $44,371 $296,935 $1,789,119 $17,344 ======= ======== ========== ======= NET ASSETS: T Shares.................................................. $44,182 $233,765 $1,561,404 $17,239 A Shares.................................................. $ 98 $ 9,152 $ 139,063 $ 76 L Shares.................................................. $ 91 $ 54,018 $ 88,652 $ 29 B Shares.................................................. N/A N/A N/A N/A SHARES OUTSTANDING: T Shares.................................................. 4,343 18,655 124,118 1,847 A Shares.................................................. 10 727 11,569 8 L Shares.................................................. 9 4,353 7,780 3 B Shares.................................................. N/A N/A N/A N/A NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: T Shares.................................................. $ 10.17 $ 12.53 $ 12.58 $ 9.34 A Shares.................................................. $ 10.14 $ 12.58 $ 12.02 $ 9.31 L Shares**................................................ $ 10.10 $ 12.42 $ 11.39 $ 9.27 B Shares.................................................. N/A N/A N/A N/A OFFERING PRICE PER SHARE: (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) T Shares.................................................. $ 10.17 $ 12.53 $ 12.58 $ 9.34 A Shares.................................................. $ 10.54 $ 13.07 $ 12.49 $ 9.67 L Shares.................................................. $ 10.10 $ 12.42 $ 11.39 $ 9.27 B Shares.................................................. N/A N/A N/A N/A Maximum Sales Charge -- A Shares............................ 3.75% 3.75% 3.75% 3.75%
Amounts designated as "--" are $0 or have been rounded to $0. * Cost $41,750; $300,460; $1,604,579; $16,290; $810,148; $15,101; $363,459; $406,655; $41,803; $5,969; $90,533 and $137,745, respectively. ** Redemption Price Per Share Varies by Length of Time Shares are Held. See notes to financial statements. 58 (Unaudited)
Growth and Information and International Life Vision Life Vision Life Vision Life Vision Income Technology International Equity Aggressive Conservative Growth and Moderate Fund Fund Equity Fund Index Fund Growth Fund Fund Income Fund Growth Fund - ---------- --------------- ------------- ------------- ----------- ------------ ----------- ----------- $1,009,504 $ 16,030 $452,145 $497,074 $ -- $ -- $ -- $ -- -- -- -- -- 48,694 6,241 102,935 153,557 -- 686 -- -- -- -- -- -- - ---------- -------- -------- -------- ------- ------ -------- -------- 1,009,504 16,716 452,145 497,074 48,694 6,241 102,935 153,557 -- -- -- -- -- -- -- -- -- -- 8,199 1,131 -- -- -- -- 4,340 97 932 618 2 14 77 200 5 -- 7 47 16 4 2 1 6,431 6 1,013 39,415 -- -- -- -- -- -- 148 87 -- -- -- -- -- -- -- -- -- -- -- -- 32 1 12 14 2 1 3 5 - ---------- -------- -------- -------- ------- ------ -------- -------- 1,020,312 16,820 462,456 538,386 48,714 6,260 103,017 153,763 - ---------- -------- -------- -------- ------- ------ -------- -------- -- -- -- -- -- -- -- -- 6,953 1 3,171 54,381 -- -- -- -- 125 1 4 11 -- 4 4 4 22,465 2,048 23,447 31,472 -- -- -- -- 727 13 432 287 1 1 4 7 22 -- 9 10 1 -- 2 3 84 5 9 7 4 5 11 9 16 2 51 -- -- -- 1 1 64 2 23 22 2 -- 5 9 - ---------- -------- -------- -------- ------- ------ -------- -------- 30,456 2,072 27,146 86,190 8 10 27 33 - ---------- -------- -------- -------- ------- ------ -------- -------- $ 989,856 $ 14,748 $435,310 $452,196 $48,706 $6,250 $102,990 $153,730 ========== ======== ======== ======== ======= ====== ======== ======== $ 781,990 $ 97,423 $426,808 $431,773 $43,865 $5,934 $ 93,813 $139,558 3,738 -- 3,735 4,690 (19) 22 119 383 4,772 (84,290) (84,213) (74,780) (2,031) 22 (3,344) (2,023) -- -- 294 94 -- -- -- -- 199,356 1,615 88,686 90,419 6,891 272 12,402 15,812 - ---------- -------- -------- -------- ------- ------ -------- -------- $ 989,856 $ 14,748 $435,310 $452,196 $48,706 $6,250 $102,990 $153,730 ========== ======== ======== ======== ======= ====== ======== ======== $ 851,916 $ 8,247 $419,097 $438,411 $41,742 $ 276 $ 84,423 $133,722 $ 44,541 $ 7 $ 8,101 $ 7,819 $ 1,746 $ 419 $ 2,787 $ 5,306 $ 93,399 $ 6,494 $ 8,112 $ 5,966 N/A N/A N/A N/A N/A N/A N/A N/A $ 5,218 $5,555 $ 15,780 $ 14,702 53,842 1,074 36,483 34,788 3,810 25 7,440 12,691 2,792 1 715 632 159 37 246 504 5,976 889 759 495 N/A N/A N/A N/A N/A N/A N/A N/A 481 496 1,394 1,401 $ 15.82 $ 7.68 $ 11.49 $ 12.60 $ 10.96 $11.21 $ 11.35 $ 10.54 $ 15.95 $ 7.65 $ 11.33 $ 12.37 $ 10.93 $11.20 $ 11.33 $ 10.53 $ 15.63 $ 7.31 $ 10.68 $ 12.06 N/A N/A N/A N/A N/A N/A N/A N/A $ 10.86 $11.20 $ 11.32 $ 10.50 $ 15.82 $ 7.68 $ 11.49 $ 12.60 $ 10.96 $11.21 $ 11.35 $ 10.54 $ 16.57 $ 7.95 $ 11.77 $ 12.85 $ 11.36 $11.64 $ 11.77 $ 10.94 $ 15.63 $ 7.31 $ 10.68 $ 12.06 N/A N/A N/A N/A N/A N/A N/A N/A $ 10.86 $11.20 $ 11.32 $ 10.50 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%
See notes to financial statements. 59 STATEMENTS OF ASSETS AND LIABILITIES (000) STI CLASSIC EQUITY FUNDS November 30, 2004
Mid-Cap Mid-Cap Value Equity Equity Fund Fund ----------- ------------ Assets: Investments at Value...................................... $228,476 $248,554 Repurchase Agreements, at Cost............................ 5,253 -- -------- -------- Total Investments*........................................ 233,729 248,554 Cash...................................................... -- -- Foreign Currency, at Value (cost $7,959; $1,070, respectively)........................................... -- -- Interest and Dividends Receivable......................... 392 437 Receivable for Capital Shares Sold........................ 25 1 Receivable for Investment Securities Sold................. 2,439 3,306 Prepaid Expenses and Other Assets......................... 4 5 -------- -------- Total Assets.............................................. 236,589 252,303 -------- -------- Liabilities: Payable for Investment Securities Purchased............... 2,784 1,838 Payable for Capital Shares Redeemed....................... 48 17 Payable upon Return of Securities Loaned.................. 9,791 51,845 Investment Advisory Fees Payable.......................... 202 184 Administration Fees Payable............................... 5 4 Distribution and Service Fees Payable..................... 18 5 Custodian Fees Payable.................................... 1 3 Accrued Expenses.......................................... 13 11 -------- -------- Total Liabilities......................................... 12,862 53,907 -------- -------- Total Net Assets.......................................... $223,727 $198,396 ======== ======== Net Assets: Capital................................................... $208,055 $182,465 Accumulated Net Investment Income (Loss).................. 252 335 Accumulated Net Realized Gains (Losses) on Investment Transactions and Foreign Currency Transactions.......... (23,357) (3,537) Net Unrealized Appreciation (Depreciation) on Investments............................................. 38,777 19,133 -------- -------- Total Net Assets.......................................... $223,727 $198,396 ======== ======== NET ASSETS: T Shares.................................................. $193,465 $189,375 A Shares.................................................. $ 14,948 $ 1,158 L Shares.................................................. $ 15,314 $ 7,863 SHARES OUTSTANDING: T Shares.................................................. 16,901 15,899 A Shares.................................................. 1,359 97 L Shares.................................................. 1,488 664 NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: T Shares.................................................. $ 11.45 $ 11.92 A Shares.................................................. $ 11.00 $ 11.89 L Shares**................................................ $ 10.29 $ 11.85 OFFERING PRICE PER SHARE: (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) T Shares.................................................. $ 11.45 $ 11.92 A Shares.................................................. $ 11.43 $ 12.35 L Shares.................................................. $ 10.29 $ 11.85 Maximum Sales Charge -- A Shares............................ 3.75% 3.75%
Amounts designated as "--" are $0 or have been rounded to $0. * Cost $194,952; $229,421; $1,052,899; $788,033; $78,195; $143,032 and $839,183, respectively. ** Redemption Price Per Share Varies by Length of Time Shares are Held. See notes to financial statements. 60 (Unaudited)
Small Cap Small Cap Strategic Tax Sensitive Growth Stock Value Equity Quantitative Growth Value Income Fund Fund Equity Fund Stock Fund Stock Fund ------------ ------------ ------------ ------------- ------------ $1,241,495 $ 986,302 $86,122 $ 185,430 $ 909,832 14,694 18,235 96 3,372 49,666 ---------- ---------- ------- --------- --------- 1,256,189 1,004,537 86,218 188,802 959,498 -- -- 3 -- -- -- -- -- -- -- 282 1,059 94 1,148 2,821 53 1 -- 2 6 7,300 338 28,361 1,732 -- 30 26 2 9 29 ---------- ---------- ------- --------- --------- 1,263,854 1,005,961 114,678 191,693 962,354 ---------- ---------- ------- --------- --------- 7,198 25 24,602 545 90 78 88 -- 155 121 302,661 204,020 -- -- 12,847 874 734 64 181 618 21 17 2 4 21 46 10 1 66 67 29 13 1 4 15 49 50 5 8 54 ---------- ---------- ------- --------- --------- 310,956 204,957 24,675 963 13,833 ---------- ---------- ------- --------- --------- $ 952,898 $ 801,004 $90,003 $ 190,730 $ 948,521 ========== ========== ======= ========= ========= $ 638,212 $ 480,088 $75,498 $ 367,757 $ 968,355 (1,283) 535 (86) (779) 3,093 112,679 103,877 6,568 (222,018) (143,242) 203,290 216,504 8,023 45,770 120,315 ---------- ---------- ------- --------- --------- $ 952,898 $ 801,004 $90,003 $ 190,730 $ 948,521 ========== ========== ======= ========= ========= $ 867,906 $ 750,566 $87,998 $ 111,370 $ 815,456 $ 45,860 $ 3,444 $ 303 $ 581 $ 77,077 $ 39,132 $ 46,994 $ 1,702 $ 78,779 $ 55,988 38,627 35,660 6,551 4,576 66,183 2,079 164 23 24 6,275 1,859 2,276 128 3,442 4,608 $ 22.47 $ 21.05 $ 13.44 $ 24.34 $ 12.32 $ 22.06 $ 20.95 $ 13.38 $ 24.23 $ 12.28 $ 21.04 $ 20.65 $ 13.27 $ 22.89 $ 12.15 $ 22.47 $ 21.05 $ 13.44 $ 24.34 $ 12.32 $ 22.92 $ 21.77 $ 13.90 $ 25.17 $ 12.76 $ 21.04 $ 20.65 $ 13.27 $ 22.89 $ 12.15 3.75% 3.75% 3.75% 3.75% 3.75%
See notes to financial statements. 61 STATEMENTS OF OPERATIONS (000) STI CLASSIC EQUITY FUNDS For the Six Month Period Ended November 30, 2004
Aggressive Capital Emerging Growth Stock Balanced Appreciation Growth Stock Fund Fund Fund Fund ------------ -------- ------------ ------------ Investment Income: Dividend Income*.......................................... $ 55 $1,299 $13,786 $ 8 Interest Income........................................... 12 3,060 528 3 Security Lending Income................................... -- 28 11 -- Less: Foreign Taxes Withheld.............................. -- -- (4) -- ------ ------ ------- ------- Total Investment Income................................... 67 4,387 14,321 11 ------ ------ ------- ------- Expenses: Investment Advisory Fees.................................. 219 1,469 9,891 95 Administration Fees....................................... 7 62 342 3 Distribution Fees -- A Shares............................. -- 13 472 -- Distribution and Service Fees -- L Shares................. -- 297 462 -- Distribution Fees -- B Shares............................. Custodian Fees............................................ -- 6 34 -- Professional Fees......................................... 1 5 29 1 Insurance Fees............................................ -- 3 16 -- Organization Fees......................................... 10 -- -- -- Registration Fees......................................... -- 5 28 -- Transfer Agent Fees....................................... 7 28 91 8 Printing Fees............................................. -- 5 28 -- Trustees' Fees............................................ -- 1 8 -- Other Expenses............................................ 9 5 16 5 ------ ------ ------- ------- Total Expenses............................................ 253 1,899 11,417 112 Less: Investment Advisory Fees Waived................... (36) (46) (172) (11) Less: Fees Reimbursed by Distributor.................... (2) -- -- (2) Less: Distribution Fees Waived or Fees Reimbursed -- A Shares................................................ (3) (2) (20) (3) Less: Distribution and Service Fees Waived or Fees Reimbursed -- L Shares................................ (2) (8) (10) (3) Less: Distribution Fees Waived -- B Shares.............. Expense Offset -- Insurance Premiums.................... -- (2) (9) -- ------ ------ ------- ------- Net Expenses.............................................. 210 1,841 11,206 93 ------ ------ ------- ------- Net Investment Income (Loss).............................. (143) 2,546 3,115 (82) ------ ------ ------- ------- Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: Net Realized Gain (Loss) on Investments Sold*............. (878) 1,462 (15,359) (1,377) Net Realized Gain on Foreign Currency Transactions........ -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency......................... -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments*............................................ 2,162 5,554 47,149 1,252 ------ ------ ------- ------- Total Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions........... 1,284 7,016 31,790 (125) ------ ------ ------- ------- Net Increase (Decrease) in Net Assets from Operations..... $1,141 $9,562 $34,905 $ (207) ====== ====== ======= =======
* Dividend income, capital gain from investments in affiliated investment companies, net realized gain on securities sold and net change in unrealized appreciation on investments for the Life Vision Funds are attributable to the underlying investments in affiliated investment companies. Amounts designated as "--" are $0 or have been rounded to $0. See notes to financial statements. 62 (Unaudited)
Information International Life Vision Life Vision Life Vision Growth and International Equity Aggressive Life Vision Growth Moderate and Income Technology Equity Index Growth Stock Conservative and Income Growth Fund Fund Fund Fund Fund Fund Fund Fund - ---------- ----------- ------------- ------------- ------------ ------------ ----------- ----------- $10,879 $ 114 $ 4,330 $ 3,685 $ 103 $ 82 $ 614 $1,316 -- 8 41 116 -- -- -- -- 14 2 93 106 -- -- -- -- (13) -- (488) (418) -- -- -- -- ------- ----- ------- ------- ------ ---- ------ ------ 10,880 124 3,976 3,489 103 82 614 1,316 ------- ----- ------- ------- ------ ---- ------ ------ 4,215 83 2,360 1,755 56 7 122 176 186 3 74 77 9 1 19 28 57 -- 12 27 3 1 6 11 472 32 39 27 24 26 72 69 19 2 94 78 -- -- 1 1 16 -- 6 7 1 -- 2 2 9 -- 3 4 -- -- 1 1 -- -- -- -- -- -- -- -- 15 -- 6 6 1 -- 2 2 58 12 20 19 8 6 10 11 15 -- 6 6 1 -- 2 2 4 -- 2 2 -- -- -- 1 22 1 3 4 1 -- 2 4 ------- ----- ------- ------- ------ ---- ------ ------ 5,088 133 2,625 2,012 104 41 239 308 -- -- -- (173) (30) (4) (54) (77) -- -- -- -- -- (1) -- -- (15) (2) (2) -- (3) (2) (4) (7) (43) (7) (3) (2) (7) (8) (18) (23) (5) -- (2) (3) -- -- (1) -- ------- ----- ------- ------- ------ ---- ------ ------ 5,025 124 2,618 1,834 64 26 162 201 ------- ----- ------- ------- ------ ---- ------ ------ 5,855 -- 1,358 1,655 39 56 452 1,115 ------- ----- ------- ------- ------ ---- ------ ------ 35,461 577 2,974 (2,010) 442 12 1,871 3,975 -- -- 80 40 -- -- -- -- -- -- 240 7 -- -- -- -- 31,679 (460) 44,411 52,330 2,698 159 3,458 2,662 ------- ----- ------- ------- ------ ---- ------ ------ 67,140 117 47,705 50,367 3,140 171 5,329 6,637 ------- ----- ------- ------- ------ ---- ------ ------ $72,995 $ 117 $49,063 $52,022 $3,179 $227 $5,781 $7,752 ======= ===== ======= ======= ====== ==== ====== ======
63 STATEMENTS OF OPERATIONS (000) STI CLASSIC EQUITY FUNDS For the Six Month Period Ended November 30, 2004
Mid-Cap Mid-Cap Equity Value Equity Fund Fund ------- ------------ Investment Income: Dividend Income*.......................................... $ 1,984 $ 2,098 Interest Income........................................... 33 -- Security Lending Income................................... 25 98 Less: Foreign Taxes Withheld.............................. (26) (9) ------- ------- Total Investment Income................................... 2,016 2,187 ------- ------- Expenses: Investment Advisory Fees.................................. 1,181 1,084 Administration Fees....................................... 41 34 Distribution Fees -- A Shares............................. 36 2 Distribution and Service Fees -- L Shares................. 75 38 Custodian Fees............................................ 4 3 Professional Fees......................................... 3 3 Insurance Fees............................................ 2 2 Organization Fees......................................... -- -- Registration Fees......................................... 3 3 Transfer Agent Fees....................................... 19 13 Printing Fees............................................. 3 3 Trustees' Fees............................................ 1 1 Other Expenses............................................ 7 5 ------- ------- Total Expenses............................................ 1,375 1,191 Less: Investment Advisory Fees Waived................... (22) (87) Less: Fees Reimbursed by Distributor.................... -- -- Less: Distribution Fees Waived or Fees Reimbursed -- A Shares................................................. (4) (2) Less: Distribution and Service Fees Waived or Fees Reimbursed -- L Shares................................. (6) (17) Expense Offset -- Insurance Premiums.................... (1) (1) ------- ------- Net Expenses.............................................. 1,342 1,084 ------- ------- Net Investment Income (Loss).............................. 674 1,103 ------- ------- Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: Net Realized Gain (Loss) on Investments Sold*............. 5,462 13,618 Net Change in Unrealized Appreciation (Depreciation) on Investments*............................................ 16,168 2,272 ------- ------- Total Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions........... 21,630 15,890 ------- ------- Net Increase (Decrease) in Net Assets from Operations..... $22,304 $16,993 ======= =======
* Dividend income, capital gain from investments in affiliated investment companies, net realized gain on securities sold and net change in unrealized appreciation on investments for the Life Vision Funds are attributable to the underlying investments in affiliated investment companies. Amounts designated as "--" are $0 or have been rounded to $0. See notes to financial statements. 64 (Unaudited)
Strategic Tax Sensitive Small Cap Small Cap Quantitative Growth Value Growth Stock Value Equity Equity Stock Income Stock Fund Fund Fund Fund Fund - ------------ ------------ ------------ ------------- ------------ $ 3,352 $ 5,009 $ 343 $ 2,034 $10,522 91 67 6 19 297 818 254 -- 1 34 (10) (131) -- -- (21) ------- -------- ------ -------- ------- 4,251 5,199 349 2,054 10,832 ------- -------- ------ -------- ------- 4,959 4,211 432 1,186 3,511 172 146 15 42 174 106 7 -- 1 120 188 226 8 419 279 32 15 1 4 18 15 12 2 4 15 8 7 1 2 8 -- -- 5 -- -- 14 12 1 3 14 40 36 8 31 48 14 12 1 3 14 4 3 -- 1 4 22 21 4 4 8 ------- -------- ------ -------- ------- 5,574 4,708 478 1,700 4,213 -- -- (56) -- -- -- -- -- -- -- (30) (4) (2) (2) (3) (5) (169) (2) (13) (4) (5) (4) (1) (1) (4) ------- -------- ------ -------- ------- 5,534 4,531 417 1,684 4,202 ------- -------- ------ -------- ------- (1,283) 668 (68) 370 6,630 ------- -------- ------ -------- ------- 53,611 62,203 3,661 17,199 48,826 40,549 44,088 4,919 (10,237) 15,153 ------- -------- ------ -------- ------- 94,160 106,291 8,580 6,962 63,979 ------- -------- ------ -------- ------- $92,877 $106,959 $8,512 $ 7,332 $70,609 ======= ======== ====== ======== =======
65 STATEMENTS OF CHANGES IN NET ASSETS (000) STI CLASSIC EQUITY FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Year Ended May 31, 2004
Aggressive Growth Balanced Stock Fund Fund ----------------------- ---------------------- 06/01/04- 02/23/04*- 06/01/04- 06/01/03- 11/30/04 5/31/04 11/30/04 5/31/04 --------- ---------- --------- --------- Operations: Net Investment Income (Loss).............................. $ (143) $ (21) $ 2,546 $ 4,071 Net Realized Gain (Loss) on Investments Sold.............. (878) (39) 1,462 26,469 Net Change in Unrealized Appreciation (Depreciation) on Investments.......................................... 2,162 389 5,554 (17,586) ------- ------- -------- -------- Net Increase (Decrease) in Net Assets from Operations..... 1,141 329 9,562 12,954 ------- ------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: T Shares................................................ -- -- (1,978) (3,826) A Shares................................................ -- -- (63) (114) L Shares................................................ -- -- (180) (403) ------- ------- -------- -------- Total Dividends and Distributions......................... -- -- (2,221) (4,343) ------- ------- -------- -------- Capital Transactions: Proceeds from Shares Issued............................... 26,290 20,408 26,765 91,110 Reinvestment of Cash Distributions........................ -- -- 2,111 4,100 Cost of Shares Redeemed................................... (3,675) (122) (57,661) (89,769) ------- ------- -------- -------- Increase (Decrease) in Net Assets from Capital Transactions............................................ 22,615 20,286 (28,785) 5,441 ------- ------- -------- -------- Total Increase (Decrease) in Net Assets................. 23,756 20,615 (21,444) 14,052 ------- ------- -------- -------- Net Assets: Beginning of Period....................................... 20,615 -- 318,379 304,327 ------- ------- -------- -------- End of Period............................................. $44,371 $20,615 $296,935 $318,379 ======= ======= ======== ======== Undistributed Net Investment Income (Loss), End of Period... $ (148) $ (5) $ 1,218 $ 893 ======= ======= ======== ========
* Commencement of operations. Amounts designated as "--" are either $0 or have been rounded to $0. See notes to financial statements. 66
Capital Appreciation Emerging Growth Growth and Information and Fund Stock Fund Income Fund Technology Fund - ----------------------- ---------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 02/23/04*- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 - --------- ---------- --------- ---------- --------- --------- --------- --------- $ 3,115 $ (5,705) $ (82) $ (24) $ 5,855 $ 7,823 -- $ (233) (15,359) 240,042 (1,377) (178) 35,461 54,492 577 4,946 47,149 (77,211) 1,252 (39) 31,679 99,001 (460) (901) - ---------- ---------- ------- ------- -------- --------- ------- -------- 34,905 157,126 (207) (241) 72,995 161,316 117 3,812 - ---------- ---------- ------- ------- -------- --------- ------- -------- -- -- -- -- (3,510) (6,962) -- -- -- -- -- -- (158) (336) -- -- -- -- -- -- -- (163) -- -- - ---------- ---------- ------- ------- -------- --------- ------- -------- -- -- -- -- (3,668) (7,461) -- -- - ---------- ---------- ------- ------- -------- --------- ------- -------- 422,110 317,226 5,452 13,433 84,701 227,618 1,862 7,248 -- -- -- -- 1,464 3,024 -- -- (162,887) (305,903) (865) (228) (92,008) (167,553) (4,322) (12,243) - ---------- ---------- ------- ------- -------- --------- ------- -------- 259,223 11,323 4,587 13,205 (5,843) 63,089 (2,460) (4,995) - ---------- ---------- ------- ------- -------- --------- ------- -------- 294,128 168,449 4,380 12,964 63,484 216,944 (2,343) (1,183) - ---------- ---------- ------- ------- -------- --------- ------- -------- 1,494,991 1,326,542 12,964 -- 926,372 709,428 17,091 18,274 - ---------- ---------- ------- ------- -------- --------- ------- -------- $1,789,119 $1,494,991 $17,344 $12,964 $989,856 $ 926,372 $14,748 $ 17,091 ========== ========== ======= ======= ======== ========= ======= ======== $ 3,115 $ -- $ (88) $ (6) $ 3,738 $ 1,551 $ -- $ -- ========== ========== ======= ======= ======== ========= ======= ========
67 STATEMENTS OF CHANGES IN NET ASSETS (000) STI CLASSIC EQUITY FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Year Ended May 31, 2004
International International Life Vision Equity Fund Equity Index Fund Aggressive Growth Fund --------------------- --------------------- ------------------------ 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 --------- --------- --------- --------- --------- --------- Operations: Net Investment Income (Loss) (1).................. $ 1,358 $ 2,690 $ 1,655 $ 4,350 $ 39 $ 124 Capital Gain Received from Investments in Affiliated Investment Companies (1)............. -- -- -- -- -- -- Net Realized Gain (Loss) on Investments Sold (1)............................................. 2,974 12,338 (2,010) 3,091 442 325 Net Realized Gain on Foreign Currency Transactions.................................... 80 334 40 480 -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency............. 240 (192) 7 (40) -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments (1)............... 44,411 42,284 52,330 82,047 2,698 6,169 -------- -------- -------- -------- ------- ------- Net Increase (Decrease) in Net Assets from Operations...................................... 49,063 57,454 52,022 89,928 3,179 6,618 -------- -------- -------- -------- ------- ------- Dividends and Distributions to Shareholders: Net Investment Income: T Shares........................................ -- (3,390) -- (3,907) (58) (120) A Shares........................................ -- (74) -- (153) -- -- L Shares........................................ -- (45) -- (22) -- -- B Shares........................................ -- (4) Return of Capital: T Shares........................................ -- -- -- -- -- (12) -------- -------- -------- -------- ------- ------- Total Dividends and Distributions................. -- (3,509) -- (4,082) (58) (136) -------- -------- -------- -------- ------- ------- Capital Transactions: Proceeds from Shares Issued....................... 62,893 162,570 74,704 107,905 5,443 12,581 Reinvestment of Cash Distributions................ -- 1,489 -- 3,234 58 136 Cost of Shares Redeemed........................... (23,488) (74,289) (45,938) (87,317) (3,618) (5,230) -------- -------- -------- -------- ------- ------- Increase (Decrease) in Net Assets from Capital Transactions.................................... 39,405 89,770 28,766 23,822 1,883 7,487 -------- -------- -------- -------- ------- ------- Total Increase (Decrease) in Net Assets......... 88,468 143,715 80,788 109,668 5,004 13,969 -------- -------- -------- -------- ------- ------- Net Assets: Beginning of Period............................... 346,842 203,127 371,408 261,740 43,702 29,733 -------- -------- -------- -------- ------- ------- End of Period..................................... $435,310 $346,842 $452,196 $371,408 $48,706 $43,702 ======== ======== ======== ======== ======= ======= Undistributed Net Investment Income (Loss), End of Period............................................ $ 3,735 $ 2,377 $ 4,690 $ 3,035 $ (19) $ -- ======== ======== ======== ======== ======= =======
* Commencement of operations. (1) Net investment income, capital gains received from investment companies, net realized gain (loss) on securities sold and net change in unrealized appreciation (depreciation) on investments for the Life Vision Funds are attributable to the underlying investments in affiliated investment companies. Amounts designated as "--" are either $0 or have been rounded to $0. See notes to financial statements. 68
Life Vision Life Vision Life Vision Mid-Cap Conservative Fund Growth and Income Fund Moderate Growth Fund Equity Fund - --------------------- ----------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 - --------- --------- ---------- ---------- --------- --------- --------- --------- $ 56 $ 61 $ 452 $ 1,051 $ 1,115 $ 1,907 $ 674 $ 999 -- 1 -- 8 -- 12 -- -- 12 9 1,871 2,565 3,975 2,529 5,462 22,721 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 159 95 3,458 8,207 2,662 9,804 16,168 6,629 ------ ------ -------- -------- -------- -------- -------- -------- 227 166 5,781 11,831 7,752 14,252 22,304 30,349 ------ ------ -------- -------- -------- -------- -------- -------- -- -- (433) (972) (983) (1,737) (481) (869) (4) (3) (8) (5) (27) (19) (18) (41) -- (12) (42) (47) (25) (58) (62) (90) -- -- -- -- -- -- -- -- ------ ------ -------- -------- -------- -------- -------- -------- (46) (50) (466) (1,035) (1,072) (1,846) (499) (922) ------ ------ -------- -------- -------- -------- -------- -------- 816 5,195 15,703 34,639 17,882 61,075 27,117 95,322 38 42 464 1,030 1,067 1,835 224 410 (301) (637) (8,061) (18,362) (10,335) (33,293) (35,670) (57,150) ------ ------ -------- -------- -------- -------- -------- -------- 553 4,600 8,106 17,307 8,614 29,617 (8,329) 38,582 ------ ------ -------- -------- -------- -------- -------- -------- 734 4,716 13,421 28,103 15,294 42,023 13,476 68,009 ------ ------ -------- -------- -------- -------- -------- -------- 5,516 800 89,569 61,466 138,436 96,413 210,251 142,242 ------ ------ -------- -------- -------- -------- -------- -------- $6,250 $5,516 $102,990 $ 89,569 $153,730 $138,436 $223,727 $210,251 ====== ====== ======== ======== ======== ======== ======== ======== $ 22 $ 12 $ 119 $ 133 $ 383 $ 340 $ 252 $ 77 ====== ====== ======== ======== ======== ======== ======== ========
69 STATEMENTS OF CHANGES IN NET ASSETS (000) STI CLASSIC EQUITY FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Year Ended May 31, 2004
Mid-Cap Small Cap Value Equity Fund Growth Stock Fund --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 5/31/04 11/30/04 5/31/04 --------- --------- --------- --------- Operations: Net Investment Income (Loss).............................. $ 1,103 $ 669 $ (1,283) $ (7,285) Net Realized Gain (Loss) on Investments Sold.............. 13,618 18,863 53,611 145,086 Net Change in Unrealized Appreciation (Depreciation) on Investments.......................................... 2,272 12,849 40,549 80,171 -------- -------- -------- -------- Net Increase (Decrease) in Net Assets from Operations..... 16,993 32,381 92,877 217,972 -------- -------- -------- -------- Dividends and Distributions to Shareholders: Net Investment Income: T Shares................................................ (889) (653) -- -- A Shares................................................ (3) -- -- -- L Shares................................................ (18) (1) -- -- Net Realized Gains: T Shares................................................ -- -- -- -- A Shares................................................ -- -- -- -- L Shares................................................ -- -- -- -- -------- -------- -------- -------- Total Dividends and Distributions......................... (910) (654) -- -- -------- -------- -------- -------- Capital Transactions: Proceeds from Shares Issued............................... 40,275 53,984 101,095 240,331 Reinvestment of Cash Distributions........................ 344 225 -- -- Cost of Shares Redeemed................................... (13,981) (35,859) (111,668) (202,911) -------- -------- -------- -------- Increase (Decrease) in Net Assets from Capital Transactions............................................ 26,638 18,350 (10,573) 37,420 -------- -------- -------- -------- Total Increase (Decrease) in Net Assets................. 42,721 50,077 82,304 255,392 -------- -------- -------- -------- Net Assets: Beginning of Period....................................... 155,675 105,598 870,594 615,202 -------- -------- -------- -------- End of Period............................................. $198,396 $155,675 $952,898 $870,594 ======== ======== ======== ======== Undistributed Net Investment Income (Loss), End of Period... $ 335 $ 142 $ (1,283) $ -- ======== ======== ======== ========
* Commencement of operations. Amounts designated as "--" are either $0 or have been rounded to $0. See notes to financial statements. 70
Small Cap Strategic Quantitative Tax Sensitive Value Income Value Equity Fund Equity Fund Growth Stock Fund Stock Fund - --------------------- ---------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 08/07/03*- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 - --------- --------- --------- ---------- --------- --------- --------- --------- $ 668 $ 2,067 $ (68) $ (90) $ 370 $ (1,885) $ 6,630 $ 10,571 62,203 66,912 3,661 3,973 17,199 31,183 48,826 71,412 44,088 113,873 4,919 3,104 (10,237) 2,584 15,153 62,760 - -------- -------- ------- ------- -------- -------- -------- -------- 106,959 182,852 8,512 6,987 7,332 31,882 70,609 144,743 - -------- -------- ------- ------- -------- -------- -------- -------- (1,213) (2,433) -- -- -- -- (5,095) (9,766) (3) -- -- -- -- -- (368) (744) -- (5) -- -- -- -- (86) (212) -- -- -- (972) -- -- -- -- -- -- -- (1) -- -- -- -- -- -- -- (21) -- -- -- -- - -------- -------- ------- ------- -------- -------- -------- -------- (1,216) (2,438) -- (994) -- -- (5,549) (10,722) - -------- -------- ------- ------- -------- -------- -------- -------- 52,713 211,670 21,819 65,474 3,517 16,168 109,098 138,140 611 1,308 -- 675 -- -- 4,383 8,432 (90,910) (213,077) (8,868) (3,602) (58,182) (118,501) (76,608) (230,205) - -------- -------- ------- ------- -------- -------- -------- -------- (37,586) (99) 12,951 62,547 (54,665) (102,333) 36,873 (83,633) - -------- -------- ------- ------- -------- -------- -------- -------- 68,157 180,315 21,463 68,540 (47,333) (70,451) 101,933 50,388 - -------- -------- ------- ------- -------- -------- -------- -------- 732,847 552,532 68,540 -- 238,063 308,514 846,588 796,200 - -------- -------- ------- ------- -------- -------- -------- -------- $801,004 $732,847 $90,003 $68,540 $190,730 $238,063 $948,521 $846,588 ======== ======== ======= ======= ======== ======== ======== ======== $ 535 $ 1,083 $ (86) $ (18) $ (779) $ (1,149) $ 3,093 $ 2,012 ======== ======== ======= ======= ======== ======== ======== ========
71 FINANCIAL HIGHLIGHTS STI CLASSIC EQUITY FUNDS For the Six Month Period Ended November 30, 2004* (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Dividends Value, Net and Unrealized from Beginning Investment Gains (Losses) Total From Net Investment of Period Income (Loss) on Investments Operations Income ------------ ------------- -------------- ---------- -------------- AGGRESSIVE GROWTH STOCK FUND T Shares 2004* $10.00 (0.03) 0.20 0.17 -- 2004 (b) 10.00 (0.02)(a) 0.02(a) -- -- A Shares 2004* $ 9.99 (0.03) 0.18 0.15 -- 2004 (b) 10.00 (0.03)(a) 0.02(a) (0.01) -- L Shares 2004* $ 9.97 (0.03) 0.16 0.13 -- 2004 (b) 10.00 (0.04)(a) 0.01(a) (0.03) -- BALANCED FUND T Shares 2004* $12.23 (0.08) 0.48 0.40 (0.10) 2004 11.92 0.18(a) 0.32(a) 0.50 (0.19) 2003 12.18 0.20 (0.23) (0.03) (0.23) 2002 13.18 0.23 (0.65) (0.42) (0.24) 2001 13.37 0.30 0.12 0.42 (0.31) 2000 13.26 0.32 0.33 0.65 (0.30) A Shares 2004* $12.28 (0.06) 0.44 0.38 (0.08) 2004 11.97 0.14(a) 0.33(a) 0.47 (0.16) 2003 12.24 0.16 (0.24) (0.08) (0.19) 2002 13.24 0.18 (0.64) (0.46) (0.20) 2001 13.43 0.27 0.11 0.38 (0.27) 2000 13.32 0.29 0.31 0.60 (0.25) L Shares 2004* $12.12 (0.02) 0.36 0.34 (0.04) 2004 11.82 0.05(a) 0.32(a) 0.37 (0.07) 2003 12.07 0.08 (0.22) (0.14) (0.11) 2002 13.07 0.10 (0.65) (0.55) (0.11) 2001 13.27 0.16 0.11 0.27 (0.17) 2000 13.17 0.17 0.33 0.50 (0.16) CAPITAL APPRECIATION FUND T Shares 2004* $12.33 0.02 0.23 0.25 -- 2004 11.02 (0.03)(a) 1.34(a) 1.31 -- 2003 12.24 (0.03)(a) (1.19)(a) (1.22) -- 2002 13.89 -- (1.53) (1.53) -- 2001 17.12 (0.05) (0.38) (0.43) -- 2000 16.62 0.02 1.40 1.42 -- A Shares 2004* $11.82 0.02 0.18 0.20 -- 2004 10.63 (0.10)(a) 1.29(a) 1.19 -- 2003 11.89 (0.10)(a) (1.16)(a) (1.26) -- 2002 13.59 (0.10) (1.48) (1.58) -- 2001 16.91 (0.14) (0.38) (0.52) -- 2000 16.53 (0.11) 1.41 1.30 -- L Shares 2004* $11.22 0.02 0.15 0.17 -- 2004 10.15 (0.15)(a) 1.22(a) 1.07 -- 2003 11.40 (0.14)(a) (1.11)(a) (1.25) -- 2002 13.09 (0.06) (1.51) (1.57) -- 2001 16.45 (0.16) (0.40) (0.56) -- 2000 16.18 (0.24) 1.43 1.19 -- EMERGING GROWTH STOCK FUND T Shares 2004* $ 9.60 (0.05) (0.21) (0.26) -- 2004 (b) 10.00 (0.03)(a) (0.37)(a) (0.40) -- A Shares 2004* $ 9.59 (0.05) (0.23) (0.28) -- 2004 (b) 10.00 (0.04)(a) (0.37)(a) (0.41) -- L Shares 2004* $ 9.58 (0.05) (0.26) (0.31) -- 2004 (c) 10.14 (0.05)(a) (0.51)(a) (0.56) -- Distributions from Total Realized Dividends and Capital Gains Distributions ------------- ------------- AGGRESSIVE GROWTH STOCK FUND T Shares -- -- -- -- A Shares -- -- -- -- L Shares -- -- -- -- BALANCED FUND T Shares -- (0.10) -- (0.19) -- (0.23) (0.34) (0.58) (0.30) (0.61) (0.24) (0.54) A Shares -- (0.08) -- (0.16) -- (0.19) (0.34) (0.54) (0.30) (0.57) (0.24) (0.49) L Shares -- (0.04) -- (0.07) -- (0.11) (0.34) (0.45) (0.30) (0.47) (0.24) (0.40) CAPITAL APPRECIATION FUND T Shares -- -- -- -- -- -- (0.12) (0.12) (2.80) (2.80) (0.92) (0.92) A Shares -- -- -- -- -- -- (0.12) (0.12) (2.80) (2.80) (0.92) (0.92) L Shares -- -- -- -- -- -- (0.12) (0.12) (2.80) (2.80) (0.92) (0.92) EMERGING GROWTH STOCK FUND T Shares -- -- -- -- A Shares -- -- -- -- L Shares -- -- -- --
72
Ratio of Ratio of Expenses to Net Assets Net Assets, Ratio of Net Net Investment Average Net Assets Portfolio Value, End Total End of Expenses to Income (Loss) to (Excluding Waivers Turnover of Period Return+ Period (000) Average Net Assets Average Net Assets and Reimbursements) Rate - ---------- ------- ------------ ------------------ ------------------ -------------------- --------- $10.17 1.70% $ 44,182 1.19% (0.81)% 1.41% 16% 10.00 -- 20,501 1.22 (0.74) 1.61 2 $10.14 1.50% $ 98 1.56% (1.17)% 9.54% 16% 9.99 (0.10) 49 1.65 (1.25) 11.29++ 2 $10.10 1.30% $ 91 2.09% (1.71)% 7.69% 16% 9.97 (0.30) 65 2.10 (1.69) 8.78++ 2 $12.53 3.29% $ 233,765 0.98% 1.85% 1.01% 88% 12.23 4.24 244,042 1.02 1.50 1.05 116 11.92 (0.14) 228,475 1.02 1.74 1.05 102 12.18 (3.29) 241,604 1.02 1.78 1.05 95 13.18 3.24 209,316 1.01 2.24 1.05 99 13.37 5.02 223,634 0.97 2.39 1.07 182 $12.58 3.14% $ 9,152 1.27% 1.56% 1.35% 88% 12.28 3.91 8,902 1.34 1.18 1.54 116 11.97 (0.54) 8,285 1.33 1.43 1.55 102 12.24 (3.57) 9,020 1.33 1.46 1.55 95 13.24 2.91 7,834 1.32 1.93 1.54 99 13.43 4.66 9,627 1.27 2.07 1.51 182 $12.42 2.78% $ 54,018 2.00% 0.81% 2.06% 88% 12.12 3.12 65,435 2.09 0.42 2.18 116 11.82 (1.15) 67,567 2.09 0.67 2.18 102 12.07 (4.33) 74,880 2.09 0.71 2.16 95 13.07 2.11 67,824 2.07 1.18 2.15 99 13.27 3.88 64,322 2.03 1.33 2.18 182 $12.58 2.03% $1,561,404 1.19% 0.48% 1.21% 39% 12.33 11.89 1,248,636 1.23 (0.25) 1.24 106 11.02 (9.97) 1,090,549 1.22 (0.32) 1.24 69 12.24 (11.06) 1,204,445 1.22 (0.54) 1.24 75 13.89 (3.74) 1,177,933 1.21 (0.29) 1.24 75 17.12 8.98 1,296,927 1.17 0.10 1.26 129 $12.02 1.69% $ 139,063 1.86% (0.23)% 1.91% 39% 11.82 11.19 145,883 1.88 (0.91) 2.00 106 10.63 (10.60) 141,488 1.88 (0.98) 2.00 69 11.89 (11.68) 163,155 1.88 (1.20) 1.99 75 13.59 (4.38) 202,548 1.86 (0.94) 1.98 75 16.91 8.29 251,421 1.82 (0.55) 1.98 129 $11.39 1.52% $ 88,652 2.23% (0.62)% 2.27% 39% 11.22 10.54 100,472 2.35 (1.38) 2.43 106 10.15 (10.96) 94,505 2.35 (1.45) 2.45 69 11.40 (12.05) 110,923 2.35 (1.67) 2.39 75 13.09 (4.79) 112,497 2.33 (1.41) 2.39 75 16.45 7.77 128,159 2.29 (1.03) 2.39 129 $ 9.34 (2.71)% $ 17,239 1.22% (1.07)% 1.39% 43% 9.60 (4.00) 12,891 1.22 (1.04) 1.69 11 $ 9.31 (2.92)% $ 76 1.58% (1.44)% 11.42% 43% 9.59 (4.10) 39 1.65 (1.46) 13.36++ 11 $ 9.27 (3.24)% $ 29 2.09% (1.94)% 21.73% 43% 9.58 (5.52) 34 2.11 (1.95) 18.36++ 11
See notes to financial highlights and notes to financial statements. 73 FINANCIAL HIGHLIGHTS STI CLASSIC EQUITY FUNDS For the Six Month Period Ended November 30, 2004* (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Dividends Value, Net and Unrealized from Beginning Investment Gains (Losses) Total From Net Investment of Period Income (Loss) on Investments Operations Income --------- ------------- -------------- ---------- -------------- GROWTH AND INCOME FUND T Shares 2004* $14.72 (0.03) 1.20 1.17 (0.07) 2004 12.21 0.14(a) 2.50(a) 2.64 (0.13) 2003 13.80 0.13 (1.60) (1.47) (0.12) 2002 15.05 0.09 (1.26) (1.17) (0.08) 2001 15.53 0.07 (0.04) 0.03 (0.08) 2000 16.09 0.11 0.55 0.66 (0.10) A Shares 2004* $14.83 (0.01) 1.18 1.17 (0.05) 2004 12.31 0.12(a) 2.51(a) 2.63 (0.11) 2003 13.91 0.11 (1.61) (1.50) (0.10) 2002 15.17 0.06 (1.27) (1.21) (0.05) 2001 15.65 0.04 (0.04) -- (0.05) 2000 16.21 0.09 0.55 0.64 (0.08) L Shares 2004* $14.54 0.04 1.05 1.09 -- 2004 12.08 0.01(a) 2.47(a) 2.48 (0.02) 2003 13.66 -- (1.56) (1.56) (0.02) 2002 14.96 (0.02) (1.28) (1.30) -- 2001 15.49 (0.05) (0.05) (0.10) -- 2000 16.10 -- 0.51 0.51 -- INFORMATION AND TECHNOLOGY FUND T Shares 2004* $ 7.50 -- 0.18 0.18 -- 2004 6.07 (0.06)(a) 1.49(a) 1.43 -- 2003 8.06 (0.04)(a) (1.95)(a) (1.99) -- 2002 13.34 0.01 (5.29) (5.28) -- 2001 15.87 (0.08) (2.45) (2.53) -- 2000(d) 10.00 (0.04) 5.91 5.87 -- A Shares 2004* $ 7.49 -- 0.16 0.16 -- 2004(e) 7.16 (0.07)(a) 0.40(a) 0.33 -- L Shares 2004* $ 7.18 -- 0.13 0.13 -- 2004 5.86 (0.12)(a) 1.44(a) 1.32 -- 2003 7.86 (0.09)(a) (1.91)(a) (2.00) -- 2002 13.15 (0.14) (5.15) (5.29) -- 2001 15.81 (0.22) (2.44) (2.66) -- 2000(f) 18.20 (0.07) (2.32) (2.39) -- INTERNATIONAL EQUITY FUND T Shares 2004* $10.15 0.03 1.31 1.34 -- 2004 8.00 0.10(a) 2.19(a) 2.29 (0.14) 2003 9.31 0.07 (1.32) (1.25) (0.06) 2002 10.19 0.19 (1.07) (0.88) -- 2001 12.56 -- (1.22) (1.22) (0.04) 2000 12.97 (0.10) 1.42 1.32 (0.07) A Shares 2004* $10.03 0.03 1.27 1.30 -- 2004 7.92 0.04(a) 2.17(a) 2.21 (0.10) 2003 9.21 0.04 (1.30) (1.26) (0.03) 2002 10.11 0.14 (1.04) (0.90) -- 2001 12.47 (0.02) (1.23) (1.25) -- 2000 12.89 (0.11) 1.37 1.26 (0.02) L Shares 2004* $ 9.49 0.03 1.16 1.19 -- 2004 7.50 (0.01)(a) 2.06(a) 2.05 (0.06) 2003 8.75 (0.01) (1.24) (1.25) -- 2002 9.68 0.04 (0.97) (0.93) -- 2001 12.06 (0.16) (1.11) (1.27) -- 2000 12.58 (0.32) 1.46 1.14 -- Distributions from Total Realized Dividends and Capital Gains Distributions ------------- ------------- GROWTH AND INCOME FUND T Shares -- (0.07) -- (0.13) -- (0.12) -- (0.08) (0.43) (0.51) (1.12) (1.22) A Shares -- (0.05) -- (0.11) -- (0.10) -- (0.05) (0.43) (0.48) (1.12) (1.20) L Shares -- -- -- (0.02) -- (0.02) -- -- (0.43) (0.43) (1.12) (1.12) INFORMATION AND TECHNOLOGY FUND T Shares -- -- -- -- -- -- -- -- -- -- -- -- A Shares -- -- -- -- L Shares -- -- -- -- -- -- -- -- -- -- -- -- INTERNATIONAL EQUITY FUND T Shares -- -- -- (0.14) -- (0.06) -- -- (1.11) (1.15) (1.66) (1.73) A Shares -- -- -- (0.10) -- (0.03) -- -- (1.11) (1.11) (1.66) (1.68) L Shares -- -- -- (0.06) -- -- -- -- (1.11) (1.11) (1.66) (1.66)
74
Ratio of Ratio of Expenses to Net Assets Net Assets, Ratio of Net Net Investment Average Net Assets Portfolio Value, End Total End of Expenses to Income (Loss) to (Excluding Waivers Turnover of Period Return+ Period (000) Average Net Assets Average Net Assets and Reimbursements) Rate - ---------- ------- ------------ ------------------ ------------------ -------------------- --------- $15.82 7.95% $851,916 0.96% 1.36% 0.96% 26% 14.72 21.76 782,665 1.00 1.03 1.00 51 12.21 (10.58) 598,862 0.99 1.05 0.99 52 13.80 (7.80) 792,557 0.99 0.63 0.99 68 15.05 0.11 867,664 0.99 0.49 0.99 73 15.53 4.11 885,109 1.01 0.76 1.01 53 $15.95 7.92% $ 44,541 1.18% 1.10% 1.24% 26% 14.83 21.45 45,808 1.18 0.84 1.36 51 12.31 (10.74) 36,305 1.18 0.88 1.38 52 13.91 (7.97) 36,789 1.18 0.44 1.36 68 15.17 (0.07) 40,174 1.18 0.30 1.35 73 15.65 3.92 42,666 1.18 0.58 1.31 53 $15.63 7.50% $ 93,399 1.92% 0.37% 2.01% 26% 14.54 20.58 97,899 1.93 0.09 2.17 51 12.08 (11.41) 74,261 1.93 0.11 2.20 52 13.66 (8.69) 94,671 1.93 (0.29) 2.16 68 14.96 (0.77) 78,376 1.93 (0.45) 2.14 73 15.49 3.11 62,462 1.93 (0.14) 2.18 53 $ 7.68 2.40% $ 8,247 1.24% 0.39% 1.24% 225% 7.50 23.56 9,712 1.36 (0.87) 1.36 384 6.07 (24.69) 11,789 1.25 (0.72) 1.25 1,259 8.06 (39.58) 32,068 1.19 (0.92) 1.19 1,102 13.34 (15.94) 87,045 1.20 (0.45) 1.21 750 15.87 58.70 106,425 1.20 (0.54) 1.34 250 $ 7.65 2.14% $ 7 1.72% 1.43% 117.45% 225% 7.49 4.61 2 1.72 (1.52) 310.77++ 384 $ 7.31 1.81% $ 6,494 2.19% (0.52)% 2.40% 225% 7.18 22.53 7,377 2.25 (1.79) 2.86 384 5.86 (25.45) 6,485 2.25 (1.68) 3.00 1,259 7.86 (40.23) 10,851 2.25 (1.99) 2.57 1,102 13.15 (16.82) 22,104 2.25 (1.50) 2.45 750 15.81 (13.13) 20,201 2.25 (1.65) 2.40 250 $11.49 13.20% $419,097 1.36% 0.75% 1.36% 25% 10.15 28.64 332,180 1.41 1.08 1.41 58 8.00 (13.40) 191,041 1.46 0.83 1.46 89 9.31 (8.64) 252,991 1.48 0.48 1.48 102 10.19 (10.79) 208,120 1.45 0.50 1.45 68 12.56 10.58 299,100 1.48 0.59 1.48 179 $11.33 12.96% $ 8,101 1.72% 0.39% 1.77% 25% 10.03 27.97 7,056 1.83 0.46 2.06 58 7.92 (13.70) 6,408 1.83 0.59 2.22 89 9.21 (8.90) 5,272 1.83 (0.21) 2.08 102 10.11 (11.13) 7,517 1.79 0.18 1.97 68 12.47 10.15 10,462 1.83 0.33 1.95 179 $10.68 12.54% $ 8,112 2.39% (0.29)% 2.47% 25% 9.49 27.32 7,606 2.53 (0.15) 2.86 58 7.50 (14.29) 5,678 2.53 (0.17) 3.03 89 8.75 (9.61) 6,567 2.53 (0.73) 2.93 102 9.68 (11.71) 7,765 2.48 (0.51) 2.57 68 12.06 9.38 10,891 2.53 (0.38) 2.74 179
See notes to financial highlights and notes to financial statements. 75 FINANCIAL HIGHLIGHTS STI CLASSIC EQUITY FUNDS For the Six Month Period Ended November 30, 2004* (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Dividends Value, Net and Unrealized from Beginning Investment Gains (Losses) Total From Net Investment of Period Income (Loss) on Investments Operations Income ------------ ------------- -------------- ---------- -------------- INTERNATIONAL EQUITY INDEX FUND T Shares 2004* $11.11 0.04 1.45 1.49 -- 2004 8.39 0.14(a) 2.71(a) 2.85 (0.13) 2003 9.76 0.10(a) (1.43)(a) (1.33) (0.04) 2002 11.18 0.04 (1.43) (1.39) (0.03) 2001 13.97 0.06 (2.69) (2.63) (0.07) 2000 11.82 0.16 2.13 2.29 (0.03) A Shares 2004* $10.93 0.04 1.40 1.44 -- 2004 8.28 0.07(a) 2.68(a) 2.75 (0.10) 2003 9.64 0.10(a) (1.45)(a) (1.35) (0.01) 2002 11.05 (0.02) (1.38) (1.40) (0.01) 2001 13.80 (0.01) (2.65) (2.66) -- 2000 11.70 (0.11) 2.32 2.21 -- L Shares 2004* $10.69 0.04 1.33 1.37 -- 2004 8.10 0.02(a) 2.62(a) 2.64 (0.05) 2003 9.48 0.01(a) (1.39)(a) (1.38) -- 2002 10.93 (0.12) (1.33) (1.45) -- 2001 13.74 (0.06) (2.66) (2.72) -- 2000 11.73 0.08 2.04 2.12 -- LIFE VISION AGGRESSIVE GROWTH FUND (g) (h) T Shares 2004* $10.25 (0.02) 0.75 0.73 (0.02) 2004 8.55 0.04(a) 1.70(a) 1.74 (0.04)*** 2003 9.57 0.03 (1.02) (0.99) (0.03) 2002 10.31 0.02 (0.74) (0.72) (0.02) 2001 11.61 0.11 0.23 0.34 (0.12) 2000 11.31 0.05 0.74 0.79 (0.05) A Shares 2004* $10.23 -- 0.70 0.70 --** 2004(i) 9.46 (0.01)(a) 0.81(a) 0.80 (0.03) B Shares 2004* $10.18 -- 0.68 0.68 -- 2004 8.53 (0.04)(a) 1.70(a) 1.66 (0.01) 2003 (j) 7.23 (0.01) 1.31 1.30 -- LIFE VISION CONSERVATIVE FUND (g) (h) T Shares 2004* $10.87 (0.11) 0.58 0.47 (0.13) 2004 (k) 10.71 0.15(a) 0.14(a) 0.29 (0.13) A Shares 2004* $10.86 (0.09) 0.54 0.45 (0.11) 2004 (l) 10.68 0.12(a) 0.18(a) 0.30 (0.12) B Shares 2004* $10.86 (0.07) 0.50 0.43 (0.09) 2004 10.43 0.17(a) 0.39(a) 0.56 (0.13) 2003 (j) 10.00 0.01 0.42 0.43 -- LIFE VISION GROWTH AND INCOME FUND (g) (h) T Shares 2004* $10.76 (0.07) 0.72 0.65 (0.06) 2004 9.33 0.14(a) 1.43(a) 1.57 (0.14) 2003 9.98 0.13 (0.65) (0.52) (0.13) 2002 10.42 0.12 (0.43) (0.31) (0.13) 2001 10.50 0.24 0.40 0.64 (0.25) 2000 10.33 0.07 0.52 0.59 (0.17) A Shares 2004* $10.75 (0.05) 0.67 0.62 (0.04) 2004 (m) 10.18 0.06(a) 0.58(a) 0.64 (0.07) B Shares 2004* $10.74 (0.03) 0.63 0.60 (0.02) 2004 9.34 0.07(a) 1.42(a) 1.49 (0.09) 2003 (j) 8.10 0.02 1.24 1.26 (0.02) Distributions from Total Realized Dividends and Capital Gains Distributions ------------- ------------- INTERNATIONAL EQUITY INDEX FUND T Shares -- -- -- (0.13) -- (0.04) -- (0.03) (0.09) (0.16) (0.11) (0.14) A Shares -- -- -- (0.10) -- (0.01) -- (0.01) (0.09) (0.09) (0.11) (0.11) L Shares -- -- -- (0.05) -- -- -- -- (0.09) (0.09) (0.11) (0.11) LIFE VISION AGGRESSIVE GROWTH FUND T Shares -- (0.02) -- (0.04)*** -- (0.03) -- (0.02) (1.52) (1.64) (0.44) (0.49) A Shares -- --** -- (0.03) B Shares -- -- -- (0.01) -- -- LIFE VISION CONSERVATIVE FUND T Shares -- (0.13) -- (0.13) A Shares -- (0.11) -- (0.12) B Shares -- (0.09) -- (0.13) -- -- LIFE VISION GROWTH AND INCOME FUND T Shares -- (0.06) -- (0.14) -- (0.13) -- (0.13) (0.47) (0.72) (0.25) (0.42) A Shares -- (0.04) -- (0.07) B Shares -- (0.02) -- (0.09) -- (0.02)
76
Ratio of Ratio of Expenses to Net Assets Net Assets, Ratio of Net Net Investment Average Net Assets Portfolio Value, End Total End of Expenses to Income (Loss) to (Excluding Waivers Turnover of Period Return+ Period (000) Average Net Assets Average Net Assets and Reimbursements) Rate - ---------- ------- ------------ ------------------ ------------------ -------------------- --------- $12.60 13.41% $438,411 0.91% 0.88% 1.00% 22% 11.11 34.07 351,163 0.98 1.38 1.07 10 8.39 (13.63) 248,770 1.03 1.26 1.12 25 9.76 (12.43) 287,944 1.04 0.63 1.12 35 11.18 (18.90) 236,862 1.06 0.40 1.09 13 13.97 19.36 340,853 1.07 0.83 1.18 9 $12.37 13.17% $ 7,819 1.34% 0.41% 1.43% 22% 10.93 33.26 15,037 1.49 0.73 1.61 10 8.28 (14.03) 9,877 1.49 1.33 1.87 25 9.64 (12.65) 3,222 1.49 (0.12) 1.90 35 11.05 (19.31) 3,451 1.46 0.05 1.83 13 13.80 18.86 4,563 1.47 0.07 1.79 9 $12.06 12.82% $ 5,966 1.96% (0.18)% 2.10% 22% 10.69 32.60 5,208 2.14 0.25 2.54 10 8.10 (14.56) 3,093 2.14 0.18 2.82 25 9.48 (13.27) 3,505 2.14 (0.68) 2.62 35 10.93 (19.84) 4,731 2.10 (0.61) 2.15 13 13.74 18.04 5,853 2.12 (0.36) 2.61 9 $10.96 7.08% $ 41,742 0.19% 0.27% 0.32% 25% 10.25 20.34 38,468 0.25 0.39 0.39 44 8.55 (10.36) 28,681 0.25 0.33 0.40 50 9.57 (6.96) 34,398 0.25 0.17 0.41 101 10.31 3.07 23,936 0.25 1.05 0.43 202 11.61 7.25 18,412 0.25 0.48 0.44 183 $10.93 6.89% $ 1,746 0.51% (0.13)% 1.15% 25% 10.23 8.43 867 0.51 (0.24) 5.15 44 $10.86 6.68% $ 5,218 1.00% (0.55)% 1.43% 25% 10.18 19.49 4,367 1.00 (0.36) 1.95 44 8.53 18.03 1,052 0.89 (0.86) 1.36 50 $11.21 4.36% $ 276 0.16% 2.66% 3.77% 43% 10.87 2.68 30 0.25 2.41 85.33++ 138 $11.20 4.16% $ 419 0.55% 2.31% 1.60% 43% 10.86 2.82 474 0.57 2.06 4.00 138 $11.20 3.98% $ 5,555 0.95% 1.91% 1.41% 43% 10.86 5.38 5,012 0.95 1.54 1.81 138 10.43 4.30 800 0.92 0.85 1.39 160 $11.35 6.05% $ 84,423 0.21% 1.05% 0.32% 32% 10.76 16.92 75,083 0.25 1.38 0.36 97 9.33 (5.16) 59,449 0.25 1.46 0.37 139 9.98 (2.97) 77,395 0.25 1.25 0.39 166 10.42 6.31 37,550 0.25 2.41 0.39 286 10.50 5.81 30,473 0.25 1.77 0.42 189 $11.33 5.83% $ 2,787 0.55% 0.68% 0.98% 32% 10.75 6.32 1,426 0.56 1.04 1.95 97 $11.32 5.59% $ 15,780 1.00% 0.26% 1.36% 32% 10.74 15.99 13,060 1.00 0.63 1.61 97 9.34 15.57 2,017 0.90 0.39 1.34 139
See notes to financial highlights and notes to financial statements. 77 FINANCIAL HIGHLIGHTS STI CLASSIC EQUITY FUNDS For the Six Month Period Ended November 30, 2004* (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Dividends Value, Net and Unrealized from Beginning Investment Gains (Losses) Total From Net Investment of Period Income (Loss) on Investments Operations Income ------------ ------------- -------------- ---------- -------------- LIFE VISION MODERATE GROWTH FUND (g) (h) T Shares 2004* $10.06 (0.07) 0.63 0.56 (0.08) 2004 9.02 0.16(a) 1.04(a) 1.20 (0.16) 2003 9.40 0.16 (0.38) (0.22) (0.16) 2002 9.73 0.17 (0.32) (0.15) (0.18) 2001 10.61 0.32 0.20 0.52 (0.34) 2000 10.80 0.33 0.13 0.46 (0.21) A Shares 2004* $10.05 (0.06) 0.61 0.55 (0.07) 2004 (n) 9.58 0.10(a) 0.45(a) 0.55 (0.08) B Shares 2004* $10.03 (0.04) 0.56 0.52 (0.05) 2004 9.00 0.09(a) 1.04(a) 1.13 (0.10) 2003 (j) 8.05 0.03 0.95 0.98 (0.03) MID-CAP EQUITY FUND T Shares 2004* $10.32 (0.02) 1.18 1.16 (0.03) 2004 8.74 0.06(a) 1.57(a) 1.63 (0.05) 2003 9.79 (0.03)(a) (1.02)(a)+++ (1.05)+++ -- 2002 10.95 0.01 (1.17) (1.16) -- 2001 14.10 (0.03) (0.61) (0.64) -- 2000 12.68 (0.04) 2.32 2.28 -- A Shares 2004* $ 9.92 -- 1.09 1.09 (0.01) 2004 8.42 0.02(a) 1.51(a) 1.53 (0.03) 2003 9.47 (0.05)(a) (1.00)(a) (1.05) -- 2002 10.64 (0.03) (1.14) (1.17) -- 2001 13.82 (0.05) (0.62) (0.67) -- 2000 12.50 (0.19) 2.37 2.18 -- L Shares 2004* $ 9.30 0.01 0.98 0.99 -- 2004 7.92 (0.04)(a) 1.43(a) 1.39 (0.01) 2003 8.97 (0.10)(a) (0.95)(a) (1.05) -- 2002 10.14 0.02 (1.19) (1.17) -- 2001 13.35 (0.07) (0.63) (0.70) -- 2000 12.17 (0.22) 2.26 2.04 -- MID-CAP VALUE EQUITY FUND T Shares 2004* $10.95 (0.05) 1.08 1.03 (0.06) 2004 8.62 0.05(a) 2.33(a) 2.38 (0.05) 2003 10.95 0.05 (2.16) (2.11) (0.04) 2002 (o) 10.00 0.02 0.94 0.96 (0.01) A Shares 2004* $10.94 (0.03) 1.02 0.99 (0.04) 2004 (e) 9.39 0.02(a) 1.55(a) 1.57 (0.02) L Shares 2004* $10.90 (0.02) 1.00 0.98 (0.03) 2004 8.58 (0.01)(a) 2.33(a) 2.32 --** 2003 10.92 0.01 (2.16) (2.15) (0.01) 2002 (o) 10.00 (0.01) 0.93 0.92 -- SMALL CAP GROWTH STOCK FUND T Shares 2004* $20.25 (0.03) 2.25 2.22 -- 2004 15.19 (0.16)(a) 5.22(a) 5.06 -- 2003 17.28 (0.12)(a) (1.72)(a) (1.84) -- 2002 18.37 -- (1.02) (1.02) -- 2001 18.30 (0.18) 1.71 1.53 -- 2000 14.55 (0.08) 4.02 3.94 -- A Shares 2004* $19.92 (0.03) 2.17 2.14 -- 2004 15.00 (0.22)(a) 5.14(a) 4.92 -- 2003 17.12 (0.17)(a) (1.70)(a) (1.87) -- 2002 18.26 (0.17) (0.90) (1.07) -- 2001 18.27 (0.59) 2.04 1.45 -- 2000 (p) 16.46 (0.07) 1.88 1.81 -- L Shares 2004* $19.06 (0.03) 2.01 1.98 -- 2004 14.45 (0.34)(a) 4.95(a) 4.61 -- 2003 16.62 (0.26)(a) (1.66)(a) (1.92) -- 2002 17.85 (0.02) (1.14) (1.16) -- 2001 18.00 (0.25) 1.56 1.31 -- 2000 14.46 (0.04) 3.77 3.73 -- Distributions from Total Realized Dividends and Capital Gains Distributions ------------- ------------- LIFE VISION MODERATE GROWTH FUND T Shares -- (0.08) -- (0.16) -- (0.16) -- (0.18) (1.06) (1.40) (0.44) (0.65) A Shares -- (0.07) -- (0.08) B Shares -- (0.05) -- (0.10) -- (0.03) MID-CAP EQUITY FUND T Shares -- (0.03) -- (0.05) -- -- -- -- (2.51) (2.51) (0.86) (0.86) A Shares -- (0.01) -- (0.03) -- -- -- -- (2.51) (2.51) (0.86) (0.86) L Shares -- -- -- (0.01) -- -- -- -- (2.51) (2.51) (0.86) (0.86) MID-CAP VALUE EQUITY FUND T Shares -- (0.06) -- (0.05) (0.18) (0.22) -- (0.01) A Shares -- (0.04) -- (0.02) L Shares -- (0.03) -- --** (0.18) (0.19) -- -- SMALL CAP GROWTH STOCK FUND T Shares -- -- -- -- (0.25) (0.25) (0.07) (0.07) (1.46) (1.46) (0.19) (0.19) A Shares -- -- -- -- (0.25) (0.25) (0.07) (0.07) (1.46) (1.46) -- -- L Shares -- -- -- -- (0.25) (0.25) (0.07) (0.07) (1.46) (1.46) (0.19) (0.19)
78
Ratio of Ratio of Expenses to Net Assets Net Assets, Ratio of Net Investment Average Net Assets Portfolio Value, End Total End of Net Expenses to Income (Loss) to (Excluding Waivers Turnover of Period Return+ Period (000) Average Net Assets Average Net Assets and Reimbursements) Rate - ---------- ------- ------------ ------------------ ------------------ -------------------- --------- $10.54 5.62% $133,722 0.21% 1.65% 0.32% 28% 10.06 13.35 121,659 0.25 1.65 0.36 109 9.02 (2.21) 93,722 0.25 1.87 0.36 101 9.40 (1.52) 88,592 0.25 1.81 0.36 202 9.73 5.28 73,429 0.25 3.04 0.37 247 10.61 4.46 69,622 0.25 2.19 0.37 151 $10.53 5.49% $ 5,306 0.47% 1.38% 0.90% 28% 10.05 5.79 3,541 0.55 1.49 1.27 109 $10.50 5.16% $ 14,702 0.92% 0.94% 1.36% 28% 10.03 12.66 13,236 1.00 0.91 1.56 109 9.00 12.22 2,691 0.91 0.93 1.34 101 $11.45 11.26% $193,465 1.19% 0.77% 1.22% 27% 10.32 18.70 177,128 1.23 0.64 1.26 126 8.74 (10.73) 118,092 1.22 (0.31) 1.25 144 9.79 (10.59) 171,813 1.22 (0.18) 1.24 87 10.95 (6.92) 156,111 1.21 (0.24) 1.25 100 14.10 19.10 206,545 1.17 -- 1.25 131 $11.00 11.00% $ 14,948 1.63% 0.32% 1.69% 27% 9.92 18.16 17,125 1.68 0.20 1.87 126 8.42 (11.09) 12,137 1.68 (0.68) 1.92 144 9.47 (11.00) 10,766 1.68 (0.63) 1.89 87 10.64 (7.34) 12,316 1.66 (0.69) 1.86 100 13.82 18.55 14,513 1.62 (0.43) 1.81 131 $10.29 10.65% $ 15,314 2.21% (0.26)% 2.31% 27% 9.30 17.51 15,998 2.28 (0.41) 2.54 126 7.92 (11.71) 12,013 2.28 (1.33) 2.60 144 8.97 (11.54) 13,937 2.28 (1.23) 2.50 87 10.14 (7.88) 12,910 2.26 (1.29) 2.46 100 13.35 17.87 14,588 2.22 (1.05) 2.44 131 $11.92 9.46% $189,376 1.21% 1.30% 1.31% 64% 10.95 27.71 147,185 1.26 0.53 1.36 95 8.62 (19.05) 99,854 1.25 0.63 1.35 71 10.95 9.65 174,859 1.27 0.29 1.37 30 $11.89 9.12% $ 1,158 1.60% 0.85% 2.13% 64% 10.94 16.73 610 1.60 0.24 4.23 95 $11.85 8.97% $ 7,863 1.89% 0.65% 2.43% 64% 10.90 27.06 7,880 1.90 (0.11) 2.74 95 8.58 (19.58) 5,744 1.90 0.03 2.85 71 10.92 9.24 5,465 1.89 (0.31) 2.72 30 $22.47 10.96% $867,906 1.22% (0.23)% 1.22% 36% 20.25 33.31 789,650 1.25 (0.83) 1.25 107 15.19 (10.50) 567,714 1.24 (0.87) 1.24 96 17.28 (5.55) 593,211 1.25 (1.01) 1.25 100 18.37 8.33 508,857 1.24 (0.95) 1.25 112 18.30 27.24 431,478 1.20 (0.86) 1.23 110 $22.06 10.74% $ 45,860 1.61% (0.60)% 1.75% 36% 19.92 32.80 40,590 1.61 (1.20) 1.88 107 15.00 (10.77) 21,887 1.61 (1.23) 1.93 96 17.12 (5.86) 24,978 1.61 (1.37) 1.88 100 18.26 7.89 28,933 1.60 (1.33) 1.87 112 18.27 11.00 39,865 1.55 (1.26) 1.79 110 $21.04 10.39% $ 39,132 2.23% (1.27)% 2.26% 36% 19.06 31.90 40,354 2.31 (1.90) 2.40 107 14.45 (11.40) 25,601 2.31 (1.93) 2.46 96 16.62 (6.50) 29,457 2.31 (2.07) 2.41 100 17.85 7.19 26,941 2.29 (2.01) 2.39 112 18.00 25.95 23,228 2.25 (1.92) 2.42 110
See notes to financial highlights and notes to financial statements. 79 FINANCIAL HIGHLIGHTS STI CLASSIC EQUITY FUNDS For the Six Month Period Ended November 30, 2004* (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Dividends Value, Net and Unrealized from Beginning Investment Gains (Losses) Total From Net Investment of Period Income (Loss) on Investments Operations Income ------------ ------------- -------------- ---------- -------------- SMALL CAP VALUE EQUITY FUND T Shares 2004* $18.26 (0.05) 2.87 2.82 (0.03) 2004 13.73 0.06(a) 4.53(a) 4.59 (0.06) 2003 14.54 0.08 (0.82) (0.74) (0.07) 2002 12.21 0.08 2.35 2.43 (0.10) 2001 9.13 0.17 3.07 3.24 (0.16) 2000 9.70 0.13 (0.59) (0.46) (0.11) A Shares 2004* $18.18 (0.03) 2.81 2.78 (0.01) 2004 (q) 15.75 0.03(a) 2.41(a) 2.44 (0.01) L Shares 2004* $17.91 (0.02) 2.76 2.74 -- 2004 13.55 (0.10)(a) 4.46(a) 4.36 --** 2003 14.43 (0.04) (0.84) (0.88) -- 2002 12.15 -- 2.29 2.29 (0.01) 2001 9.10 0.07 3.04 3.11 (0.06) 2000 9.65 -- (0.54) (0.54) (0.01) STRATEGIC QUANTITATIVE EQUITY FUND T Shares 2004* $12.08 (0.01) 1.37 1.36 -- 2004 (r) 10.00 (0.02)(a) 2.35(a) 2.33 -- A Shares 2004* $12.05 (0.01) 1.34 1.33 -- 2004 (s) 11.35 (0.05)(a) 1.00(a) 0.95 -- L Shares 2004* $12.00 (0.01) 1.28 1.27 -- 2004 (t) 11.64 (0.11)(a) 0.72(a) 0.61 -- TAX SENSITIVE GROWTH STOCK FUND T Shares 2004* $23.31 (0.21) 1.24 1.03 -- 2004 20.78 (0.06)(a) 2.59(a) 2.53 -- 2003 23.25 --(a) (2.47)(a) (2.47) -- 2002 26.74 (0.02) (3.47) (3.49) -- 2001 33.10 (0.03) (6.33) (6.36) -- 2000 29.96 0.02 3.12 3.14 -- A Shares 2004* $23.26 (0.21) 1.18 0.97 -- 2004 (u) 22.32 (0.10)(a) 1.04(a) 0.94 -- L Shares 2004* $22.04 (0.21) 1.06 0.85 -- 2004 19.85 (0.29)(a) 2.48(a) 2.19 -- 2003 22.45 (0.20)(a) (2.40)(a) (2.60) -- 2002 26.10 (0.41) (3.24) (3.65) -- 2001 32.65 (0.36) (6.19) (6.55) -- 2000 29.85 (0.16) 2.96 2.80 -- VALUE INCOME STOCK FUND T Shares 2004* $11.47 (0.07) 1.00 0.93 (0.08) 2004 9.73 0.15(a) 1.74(a) 1.89 (0.15) 2003 11.05 0.15 (1.33) (1.18) (0.14) 2002 11.61 0.12 (0.56) (0.44) (0.12) 2001 10.38 0.19 1.24 1.43 (0.20) 2000 12.85 0.23 (1.49) (1.26) (0.22) A Shares 2004* $11.43 (0.05) 0.96 0.91 (0.06) 2004 9.70 0.11(a) 1.73(a) 1.84 (0.11) 2003 11.01 0.12 (1.32) (1.20) (0.11) 2002 11.58 0.08 (0.56) (0.48) (0.09) 2001 10.35 0.14 1.25 1.39 (0.16) 2000 12.81 0.19 (1.48) (1.29) (0.18) L Shares 2004* $11.31 (0.01) 0.87 0.86 (0.02) 2004 9.60 0.03(a) 1.72(a) 1.75 (0.04) 2003 10.90 0.05 (1.31) (1.26) (0.04) 2002 11.46 -- (0.55) (0.55) (0.01) 2001 10.24 0.04 1.26 1.30 (0.08) 2000 12.68 0.08 (1.44) (1.36) (0.09) Distributions from Total Realized Dividends and Capital Gains Distributions ------------- ------------- SMALL CAP VALUE EQUITY FUND T Shares -- (0.03) -- (0.06) -- (0.07) -- (0.10) -- (0.16) -- (0.11) A Shares -- (0.01) -- (0.01) L Shares -- -- -- --** -- -- -- (0.01) -- (0.06) -- (0.01) STRATEGIC QUANTITATIVE EQUITY FUND T Shares -- -- (0.25) (0.25) A Shares -- -- (0.25) (0.25) L Shares -- -- (0.25) (0.25) TAX SENSITIVE GROWTH STOCK FUND T Shares -- -- -- -- -- -- -- -- -- -- -- -- A Shares -- -- -- -- L Shares -- -- -- -- -- -- -- -- -- -- -- -- VALUE INCOME STOCK FUND T Shares -- (0.08) -- (0.15) -- (0.14) -- (0.12) -- (0.20) (0.99) (1.21) A Shares -- (0.06) -- (0.11) -- (0.11) -- (0.09) -- (0.16) (0.99) (1.17) L Shares -- (0.02) -- (0.04) -- (0.04) -- (0.01) -- (0.08) (0.99) (1.08)
80
Ratio of Net Ratio of Expenses to Net Assets Net Assets, Ratio of Net Investment Income Average Net Assets Portfolio Value, End Total End of Expenses to (Loss) to Average (Excluding Waivers Turnover of Period Return+ Period (000) Average Net Assets Net Assets and Reimbursements) Rate - ---------- ------- ------------ ------------------ ------------------ -------------------- --------- $21.05 15.48% $750,566 1.21% 0.20% 1.21% 16% 18.26 33.56 682,567 1.25 0.38 1.25 44 13.73 (5.09) 518,468 1.24 0.64 1.24 29 14.54 20.06 614,199 1.25 0.67 1.25 29 12.21 35.90 401,900 1.25 1.72 1.25 86 9.13 (4.72) 212,074 1.22 1.31 1.25 65 $20.95 15.31% $ 3,444 1.48% (0.09)% 1.66% 16% 18.18 15.51 4,088 1.55 0.30 2.15 44 $20.65 15.30% $ 46,994 1.52% (0.11)% 2.27% 16% 17.91 32.20 46,192 2.26 (0.64) 2.45 44 13.55 (6.10) 34,064 2.31 (0.40) 2.50 29 14.43 18.92 32,708 2.31 (0.38) 2.52 29 12.15 34.30 11,167 2.30 0.63 2.66 86 9.10 (5.65) 8,596 2.27 0.21 2.56 65 $13.44 11.26% $ 87,998 1.06% (0.14)% 1.21% 203% 12.08 23.43 66,812 1.13 (0.22) 1.33 344 $13.38 11.04% $ 303 1.34% (0.42)% 3.23% 203% 12.05 8.48 155 1.55 (0.67) 10.70++ 344 $13.27 10.58% $ 1,702 2.10% (1.19)% 2.43% 203% 12.00 5.34 1,573 2.30 (1.42) 3.09 344 $24.34 4.42% $111,370 1.21% 0.76% 1.21% 29% 23.31 12.18 144,732 1.25 (0.28) 1.25 49 20.78 (10.62) 198,429 1.24 (0.01) 1.24 58 23.25 (13.05) 244,707 1.24 (0.10) 1.24 69 26.74 (19.21) 460,311 1.24 (0.10) 1.25 103 33.10 10.48 710,179 1.20 0.13 1.26 30 $24.23 4.17% $ 581 1.61% 0.44% 2.22% 29% 23.26 4.21 365 1.65 (0.71) 4.48++ 49 $22.89 3.86% $ 78,779 2.23% (0.22)% 2.26% 29% 22.04 11.03 92,966 2.31 (1.34) 2.41 49 19.85 (11.58) 110,085 2.31 (1.07) 2.40 58 22.45 (13.98) 167,973 2.31 (1.16) 2.36 69 26.10 (20.06) 233,496 2.30 (1.15) 2.34 103 32.65 9.38 290,595 2.25 (0.91) 2.35 30 $12.32 8.15% $815,456 0.86% 1.60% 0.86% 44% 11.47 19.58 715,928 0.90 1.40 0.90 67 9.73 (10.54) 681,899 0.89 1.68 0.89 46 11.05 (3.68) 686,014 0.90 1.13 0.90 60 11.61 14.09 704,842 0.90 1.70 0.90 77 10.38 (10.52) 921,797 0.89 2.02 0.89 62 $12.28 7.98% $ 77,077 1.21% 1.25% 1.22% 44% 11.43 19.10 73,257 1.28 1.01 1.31 67 9.70 (10.85) 65,294 1.28 1.29 1.32 46 11.01 (4.14) 75,697 1.28 0.74 1.31 60 11.58 13.63 85,584 1.28 1.31 1.31 77 10.35 (10.83) 104,178 1.28 1.64 1.28 62 $12.15 7.59% $ 55,988 1.90% 0.55% 1.91% 44% 11.31 18.27 57,403 2.02 0.27 2.07 67 9.60 (11.56) 49,007 2.02 0.55 2.10 46 10.90 (4.82) 59,392 2.02 0.00 2.05 60 11.46 12.85 65,895 2.01 0.59 2.05 77 10.24 (11.50) 84,563 2.02 0.91 2.03 62
See notes to financial highlights and notes to financial statements. 81 NOTES TO FINANCIAL HIGHLIGHTS * For the six-month period ended November 30, 2004. All ratios for the period have been annualized. ** Amount represents less than $0.005. *** Includes return of capital of $0.003. + Returns are for the period indicated and have not been annualized. Total return figures do not include applicable sales loads. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. ++ Ratio reflects the impact of the initial low level of average net assets associated with commencement of operations. +++ Includes redemption fees of $0.01. (a) Per share data calculated using average shares outstanding method. (b) Commenced operations on February 23, 2004. All ratios for the period have been annualized. (c) Commenced operations on February 27, 2004. All ratios for the period have been annualized. (d) Commenced operations on September 30, 1999. All ratios for the period have been annualized. (e) Commenced operations on October 27, 2003. All ratios for the period have been annualized. (f) Commenced operations on January 24, 2000. All ratios for the period have been annualized. (g) The Life Vision Funds and its shareholders indirectly bear a pro rata share of the expenses of the underlying STI Classic Funds. The expense ratios do not include such expenses. (h) Recognition of net investment income by the Life Vision Funds is affected by the timing of the declaration of dividends by the STI Classic Funds in which the Life Vision Funds invest. (i) Commenced operations on October 16, 2003. All ratios for the period have been annualized. (j) Commenced operations on March 11, 2003. All ratios for the period have been annualized. (k) Commenced operations on November 6, 2003. All ratios for the period have been annualized. (l) Commenced operations on November 11, 2003. All ratios for the period have been annualized. (m) Commenced operations on November 5, 2003. All ratios for the period have been annualized. (n) Commenced operations on October 10, 2003. All ratios for the period have been annualized. (o) Commenced operations on November 30, 2001. All ratios for the period have been annualized. (p) Commenced operations on December 12, 1999. All ratios for the period have been annualized. (q) Commenced operations on October 9, 2003. All ratios for the period have been annualized. (r) Commenced operations on August 7, 2003. All ratios for the period have been annualized. (s) Commenced operations on October 8, 2003. All ratios for the period have been annualized. (t) Commenced operations on October 13, 2003. All ratios for the period have been annualized. (u) Commenced operations on October 14, 2003. All ratios for the period have been annualized. 82 NOTES TO FINANCIAL STATEMENTS STI CLASSIC EQUITY FUNDS November 30, 2004 1. Organization The STI Classic Funds (the "Trust") was organized as a Massachusetts business trust under a Declaration of Trust dated January 15, 1992. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company offering 49 funds as of November 30, 2004. The financial statements presented herein are those of the Aggressive Growth Stock Fund, the Balanced Fund, the Capital Appreciation Fund, the Emerging Growth Stock Fund, the Growth and Income Fund, the Information and Technology Fund, the International Equity Fund, the International Equity Index Fund, the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund, the Life Vision Moderate Growth Fund, the Mid-Cap Equity Fund, the Mid-Cap Value Equity Fund, the Small Cap Growth Stock Fund, the Small Cap Value Equity Fund, the Strategic Quantitative Equity Fund, the Tax Sensitive Growth Stock Fund and the Value Income Stock Fund (each a "Fund" and collectively the "Funds"). The Funds may offer the following share classes: T Shares, A Shares, L Shares and B Shares. The financial statements of the remaining funds are presented separately. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Funds' prospectus provides a description of the Funds' investment objectives, policies and strategies. Effective April 30, 2004, the Small Cap Value Equity Fund was closed to new investors. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote. 2. Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The actual results could differ from these estimates. Security Valuation -- Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm Eastern Time if a security's primary exchange is normally open at that time),or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as of the close of regular trading on the New York Stock Exchange (usually 4:00 pm Eastern Time), as provided by an independent pricing service approved by the Funds' Board of Trustees (the "Board"). If a security price cannot be obtained from an independent, third-party pricing agent, the Funds' administrator shall seek to obtain a bid price from at least one independent broker. Securities for which market prices are not "readily available" are valued in accordance 83 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC EQUITY FUNDS November 30, 2004 with Fair Value Procedures established by the Board. The Funds' Fair Value Procedures will be performed an monitored by a Fair Value Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include, but are not limited to: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it shall immediately notify the Funds' administrator and may preauthorize the Funds' administrator to utilize a pricing service authorized by the Board (a "Fair Value Pricing Service") that has been designed to determine a fair value. On a day when a Fair Value Pricing Service is so utilized pursuant to a preauthorization, the Pricing Committee need not meet (and, therefore, will not produce minutes). If the adviser or sub-adviser does not pre-authorize the Fund's administrator to utilize a Fair Value Pricing Service, the adviser or sub-adviser will request that a Fair Value Committee Meeting be called. In addition, the Funds' administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index exceed levels established by the Funds ("trigger Points"), the Funds may use a systematic valuation model provided by an independent third party to fair value their international equity securities. The assets of the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund and the Life Vision Moderate Growth Fund consist of investments in underlying affiliated investment companies, which are valued at their respective daily net asset values. Security Transactions and Investment Income -- Security transactions are accounted for no later than one business day after trade date. However, for financial reporting purposes, securities transactions are reported on trade date. Interest income is recognized on an accrual basis. Cost used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold, adjusted for the accretion or amortization of purchase discounts or premiums during the respective holding period. Dividend income is recorded on the ex-dividend date. Repurchase Agreements -- In connection with transactions involving repurchase agreements, a third party custodian bank takes possession of the underlying securities ("collateral"), the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. In the event of default on the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. Redemption Fees -- The Funds may charge a redemption fee up to 2% of redemption pro- 84 (Unaudited) ceeds, which will automatically be paid to the Fund. There were no redemption fees for the six months ended November 30, 2004. Foreign Currency Translation -- The books and records of the International Equity and the International Equity Index Funds are maintained in U.S. dollars on the following basis: (i) market value of investment securities, assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The International Equity and the International Equity Index Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. The International Equity and the International Equity Index Funds report certain foreign currency related transactions as components of realized and unrealized gains and losses for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes. TBA Purchase Commitments -- The Balanced Fund may enter into "TBA" (To Be Announced) purchase commitments to purchase securities for a fixed price at a future date beyond customary settlement time. TBA purchase commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, generally according to the procedures described under "Security Valuation." Restricted Securities -- Certain of the Funds' investments are restricted as to resale. The table below shows the number of shares held, the acquisition date, cost, market value, value per share of such securities deemed illiquid and percentage of net assets which the securities comprise as of November 30, 2004:
Market Value Value % of Number Acquisition as of per Net of Shares Date Cost 11/30/04 Share Assets --------- ----------- ---------- ---------- ------ ------ INTERNATIONAL EQUITY INDEX FUND Parmalat Finanziaria SpA.............................. 13,000 05/02/95 $ 23,987 $ 1,900 $ 0.15 0.0% 2,602 01/04/00 6,355 380 0.15 0.0 26,000 03/17/00 57,898 3,801 0.15 0.0 4,686 12/10/01 12,440 685 0.15 0.0 Lafarge SA, Loyalty Shares............................ 990 01/27/95 63,272 92,954 93.89 0.0 7 05/19/95 490 657 93.89 0.0 L'Air Liquide SA, Loyalty Bonus Shares................ 762 11/28/94 67,680 131,751 172.90 0.0 277 04/13/95 29,951 47,894 172.90 0.0 468 05/02/95 48,575 80,918 172.90 0.0 19 06/22/99 2,394 3,285 172.90 0.0 167 08/16/04 25,953 28,875 172.90 0.0
Expenses -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution fees, are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis. In addition to the investment advisory and management fees, custodian fees, service fees, administration and transfer agent fees, each Fund is responsible for paying most other operating expenses including organization costs, fees and expenses of outside trustees, registration fees, printing of shareholder reports, legal, auditing, insurance and other miscellaneous expenses. In addition to the Funds' direct expenses as described above, shareholders of the Life Vision Funds also bear a proportionate share of the underlying Funds' expenses. 85 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC EQUITY FUNDS November 30, 2004 Classes -- Income, non-class specific expenses and realized/unrealized gains and losses are allocated to the respective classes on the basis of the relative daily net assets. Offering Costs -- Offering costs of the Aggressive Growth Stock Fund and the Emerging Growth Stock Fund, which each commenced operations on February 23, 2004, include costs of printing initial prospectuses and registration fees are being amortized to expenses over twelve months. Dividends and Distributions to Shareholders -- Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid each calendar quarter by the Equity Funds, except for the International Equity and the International Equity Index Funds. These Funds distribute income annually. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Compensating Balances -- If a Fund has a cash overdraft in excess of $100,000 it is required to leave 110% in compensating balance with SunTrust Bank (the "Custodian"), a wholly owned subsidiary of SunTrust Banks, Inc., on the following day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw 90% of the balance with the Custodian on the following business day. 3. Agreements and Other Transactions with Affiliates Investment Advisory Agreement -- The Trust and Trusco Capital Management, Inc. (the "Investment Adviser"), a wholly owned subsidiary of SunTrust Banks, Inc., have entered into advisory agreements dated May 29, 1992, June 15, 1993 and December 20, 1993 and last amended November 12, 2003. Under terms of the amended agreement, the Funds are charged the following annual fees based upon average daily net assets:
Maximum Annual Net Advisory Fees Fee Paid -------- ---- Aggressive Growth Stock Fund.......... 1.25% 1.04% Balanced Fund......................... 0.95 0.92 Capital Appreciation Fund............. 1.15 1.13 Emerging Growth Stock Fund............ 1.25 1.10 Growth and Income Fund................ 0.90 0.90 Information and Technology Fund....... 1.10 1.10 International Equity Fund............. 1.25 1.25 International Equity Index Fund....... 0.90 0.81 Life Vision Aggressive Growth Fund.... 0.25 0.12 Life Vision Conservative Fund......... 0.25 0.11 Life Vision Growth and Income Fund.... 0.25 0.14 Life Vision Moderate Growth Fund...... 0.25 0.14 Mid-Cap Equity Fund................... 1.15 1.13 Mid-Cap Value Equity Fund............. 1.25 1.15 Small Cap Growth Stock Fund........... 1.15 1.15 Small Cap Value Equity Fund........... 1.15 1.15 Strategic Quantitative Equity Fund.... 1.15 1.01 Tax Sensitive Growth Stock Fund....... 1.15 1.15 Value Income Stock Fund............... 0.80 0.80
The Investment Adviser has voluntarily agreed to waive all or a portion of its fees (and to reimburse Fund expenses). Fee waivers and expense reimbursements are voluntary and may be terminated at any time. Effective October 5, 2004, Trusco Capital Management, Inc. began providing an employee to serve as Chief Compliance Officer for the Trust and provide certain related services, and will receive an additional fee for this service. Administration, Fund Accounting and Transfer Agency Agreement -- The Trust and BISYS Fund Services Ohio, Inc. (the "Administrator") are parties to a Master Services Agreement dated July 24, 2004 under which the Administrator provides administrative, fund accounting and transfer agent services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.0275% up to $25 bil- 86 (Unaudited) lion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion. Prior to July 24, 2004, SEI Investments Global Funds Services ("SEI") served as the Administrator and provided administrative services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.12% up to $1 billion, 0.09% on the next $4 billion, 0.07% on the next $3 billion, 0.065% on the next $2 billion and 0.06% for over $10 billion. SEI had voluntarily agreed to waive all or a portion of their fees and to reimburse Fund expenses. BISYS Fund Services Ohio, Inc. has agreed to pay a total of $325,000 per annum towards the insurance premiums payable annually by the Trust. $300,000 will be paid towards the premium for the Trust's Directors and Officers Liability/Errors and Omissions Insurance Policy, and $25,000 will be paid towards the premium for the Trust's Fidelity Bond. Distribution Agreement -- The Trust and BISYS Fund Services Limited Partnership (the "Distributor") are parties to a Distribution Agreement dated July 26, 2004. The Distributor will receive no fees for its distribution services under the plan for the T Shares of any Fund. With respect to the A Shares, L Shares and B Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of L Shares and B Shares) a Distribution and Service Plan, as outlined in the table below:
Maximum Maximum Maximum L Shares B Shares A Shares Net Distribution Net Distribution Net Distribution Fees and Fees and Fees Fee Paid Service Fee Paid Service Fee Paid ------------ ---- ------------ ---- ------------ ---- Aggressive Growth Stock Fund................................ 0.35% --% 1.00% --% N/A N/A Balanced Fund............................................... 0.28 0.24 1.00 0.98 N/A N/A Capital Appreciation Fund................................... 0.68 0.65 1.00 0.98 N/A N/A Emerging Growth Stock Fund.................................. 0.35 -- 1.00 -- N/A N/A Growth and Income Fund...................................... 0.25 0.18 1.00 0.91 N/A N/A Information and Technology Fund............................. 0.55 -- 1.00 0.79 N/A N/A International Equity Fund................................... 0.33 0.28 1.00 0.93 N/A N/A International Equity Index Fund............................. 0.38 0.38 1.00 0.92 N/A N/A Life Vision Aggressive Growth Fund.......................... 0.50 -- N/A N/A 1.00% 0.72% Life Vision Conservative Fund............................... 0.40 -- N/A N/A 1.00 0.69 Life Vision Growth and Income Fund.......................... 0.50 0.17 N/A N/A 1.00 0.75 Life Vision Moderate Growth Fund............................ 0.50 0.18 N/A N/A 1.00 0.67 Mid-Cap Equity Fund......................................... 0.43 0.38 1.00 0.92 N/A N/A Mid-Cap Value Equity Fund................................... 0.40 -- 1.00 0.55 N/A N/A Small Cap Growth Stock Fund................................. 0.50 0.36 1.00 0.97 N/A N/A Small Cap Value Equity Fund................................. 0.33 0.14 1.00 0.25 N/A N/A Strategic Quantitative Equity Fund.......................... 0.25 -- 1.00 0.75 N/A N/A Tax Sensitive Growth Stock Fund............................. 0.40 -- 1.00 0.97 N/A N/A Value Income Stock Fund..................................... 0.33 0.32 1.00 0.99 N/A N/A
The Distributor has voluntarily agreed to waive all or a portion of their fees. Fee waivers are voluntary and may be terminated at any time. Prior to July 26, 2004, SEI Investments Distribution Co. served as the distributor. SEI Investments Distribution Co. had voluntarily agreed to waive all or a portion of its fees and to reimburse fund expenses. Transfer Agency Agreements -- The Trust and SunTrust Securities Inc. ("STS"), a wholly-owned subsidiary of SunTrust Banks, Inc., are parties to an agreement under which STS provides certain transfer agency account activity processing and servicing. The transfer agency service fees are based upon a monthly per account charge for the total shareholder accounts at the Trust's transfer agent. These fees 87 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC EQUITY FUNDS November 30, 2004 are presented on the Statements of Operations as Transfer Agent Fees. Custodian Agreements -- SunTrust Bank acts as custodian for all the Funds except the International Equity and the International Equity Index Funds (the "International Funds"), which utilize Brown Brothers Harriman & Co. as custodian. Custodians are paid on the basis of the net assets and transaction costs of the Funds. The custodians play no role in determining the investment policies of the Trust or which securities are to be purchased or sold in the Funds. Other -- Certain officers of the Trust are also officers of the Adviser, Administrator and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers of the Trust. The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc. which is a direct non-bank subsidiary of SunTrust Banks, Inc. to act as an agent in placing repurchase agreements for the Trust. For the six months ended November 30, 2004, the following Funds paid SunTrust Robinson Humphrey, through a reduction in the yield earned by the Funds on those repurchase agreements (000):
Fees ---- Aggressive Growth Stock Fund..................... $-- Balanced Fund.................................... 3 Capital Appreciation Fund........................ 17 Emerging Growth Stock Fund....................... -- Information and Technology Fund.................. -- Mid-Cap Equity Fund.............................. 1 Small Cap Growth Stock Fund...................... 3 Small Cap Value Equity Fund...................... 2 Strategic Quantitative Equity Fund............... -- Tax Sensitive Growth Stock Fund.................. 1 Value Income Stock Fund.......................... 9
4. Investment Transactions The cost of purchases and the proceeds from sales and maturities of securities, excluding short-term investments and U.S. Government securities, for the six months ended November 30, 2004, were as follows:
Sales and Purchases Maturities (000) (000) --------- ---------- Aggressive Growth Stock Fund...... $25,669 $ 5,373 Balanced Fund..................... 240,334 288,503 Capital Appreciation Fund......... 850,323 630,179 Emerging Growth Stock Fund........ 10,423 6,325 Growth and Income Fund............ 239,466 244,115 Information and Technology Fund... 31,847 34,215 International Equity Fund......... 134,286 92,812 International Equity Index Fund... 89,881 86,107 Life Vision Aggressive Growth Fund............................ 12,992 10,994 Life Vision Conservative Fund..... 2,948 2,409 Life Vision Growth and Income Fund............................ 43,077 30,359 Life Vision Moderate Growth Fund.. 49,033 39,063 Mid-Cap Equity Fund............... 55,832 68,021 Mid-Cap Value Equity Fund......... 129,517 107,566 Small Cap Growth Stock Fund....... 315,701 316,617 Small Cap Value Equity Fund....... 119,655 175,793 Strategic Quantitative Equity Fund............................ 163,820 153,816 Tax Sensitive Growth Stock Fund... 59,853 112,533 Value Income Stock Fund........... 393,957 373,802
The cost of U.S. Government security purchases and the proceeds from the sale of U.S. Government securities from the Balanced Fund during the six months ended November 30, 2004 in thousands were $114,433 and $113,091, respectively. 88 (This page intentionally left blank) 89 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC EQUITY FUNDS November 30, 2004 5. Capital Share Transactions Capital Share Transactions for the Funds were as follows (000):
Aggressive Growth Capital Appreciation Emerging Growth Stock Fund Balanced Fund Fund Stock Fund ---------------------- --------------------- --------------------- ---------------------- 06/01/04- 02/23/04*- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 02/23/04*- 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 --------- ---------- --------- --------- --------- --------- --------- ---------- Capital Transactions T Shares Proceeds from Shares Issued... $26,183 $20,288 $ 25,280 $ 70,058 $ 414,504 $ 279,768 $5,390 $13,349 Reinvestment of Cash Distributions............... -- -- 1,877 3,612 -- -- -- -- Cost of Shares Redeemed....... (3,637) (115) (43,239) (64,462) (133,373) (253,060) (834) (221) ------- ------- -------- -------- --------- --------- ------ ------- Increase (Decrease) in Net Assets from T Shares Transactions.............. $22,546 $20,173 $(16,082) $ 9,208 $ 281,131 $ 26,708 $4,556 $13,128 ------- ------- -------- -------- --------- --------- ------ ------- A Shares Proceeds from Shares Issued... $ 74 $ 48 $ 722 $ 2,139 $ 5,945 $ 15,738 $ 57 $ 40 Reinvestment of Cash Distributions............... -- -- 63 112 -- -- -- -- Cost of Shares Redeemed....... (29) -- (760) (1,862) (14,955) (26,645) (22) -- ------- ------- -------- -------- --------- --------- ------ ------- Increase (Decrease) in Net Assets from A Shares Transactions.............. $ 45 $ 48 $ 25 $ 389 $ (9,010) $ (10,907) $ 35 $ 40 ------- ------- -------- -------- --------- --------- ------ ------- L Shares Proceeds from Shares Issued... $ 33 $ 72 $ 763 $ 18,913 $ 1,661 $ 21,720 $ 5 $ 44 Reinvestment of Cash Distributions............... -- -- 171 376 -- -- -- -- Cost of Shares Redeemed....... (9) (7) (13,662) (23,445) (14,559) (26,198) (9) (7) ------- ------- -------- -------- --------- --------- ------ ------- Increase (Decrease) in Net Assets from L Shares Transactions.............. $ 24 $ 65 $(12,728) $ (4,156) $ (12,898) $ (4,478) $ (4) $ 37 ------- ------- -------- -------- --------- --------- ------ ------- B Shares Proceeds from Shares Issued... Reinvestment of Cash Distributions............... Cost of Shares Redeemed....... ------- ------- -------- -------- --------- --------- ------ ------- Increase (Decrease) in Net Assets from B Shares Transactions.............. ------- ------- -------- -------- --------- --------- ------ ------- Total Net Increase (Decrease) from Capital Transactions..... $22,615 $20,286 $(28,785) $ 5,441 $ 259,223 $ 11,323 $4,587 $13,205 ======= ======= ======== ======== ========= ========= ====== ======= Share Transactions: T Shares Issued........................ 2,685 2,062 2,074 5,833 33,824 23,848 598 1,367 Reinvested.................... -- -- 154 299 -- -- -- -- Redeemed...................... (392) (12) (3,528) (5,342) (11,010) (21,521) (94) (24) ------- ------- -------- -------- --------- --------- ------ ------- Increase (Decrease) from T Shares Transactions..... 2,293 2,050 (1,300) 790 22,814 2,327 504 1,343 ------- ------- -------- -------- --------- --------- ------ ------- A Shares Issued........................ 8 5 59 176 515 1,390 6 4 Reinvested.................... -- -- 5 9 -- -- -- -- Redeemed...................... (3) -- (62) (152) (1,291) (2,350) (2) -- ------- ------- -------- -------- --------- --------- ------ ------- Increase (Decrease) from A Shares Transactions..... 5 5 2 33 (776) (960) 4 4 ------- ------- -------- -------- --------- --------- ------ ------- L Shares Issued........................ 3 7 63 1,596 151 2,046 -- 5 Reinvested.................... -- -- 14 31 -- -- -- -- Redeemed...................... (1) -- (1,125) (1,944) (1,323) (2,409) (1) (1) ------- ------- -------- -------- --------- --------- ------ ------- Increase (Decrease) from L Shares Transactions..... 2 7 (1,048) (317) (1,172) (363) (1) 4 ------- ------- -------- -------- --------- --------- ------ ------- B Shares Issued........................ Reinvested.................... Redeemed...................... ------- ------- -------- -------- --------- --------- ------ ------- Increase (Decrease) from B Shares Transactions..... ------- ------- -------- -------- --------- --------- ------ ------- Total Net Increase (Decrease) from Share Transactions....... 2,300 2,062 (2,346) 506 20,866 1,004 507 1,351 ======= ======= ======== ======== ========= ========= ====== =======
* Commencement of operations. Amounts designated as "--" are either $0 or have been rounded to $0. 90 (Unaudited)
Growth and Income Information and International Equity International Equity Fund Technology Fund Fund Index Fund - --------------------- ---------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 - --------- --------- ---------- --------- --------- --------- --------- --------- $ 75,375 $ 187,428 $ 1,724 $ 5,911 $ 61,278 $144,029 $ 72,090 $ 83,517 1,322 2,566 -- -- -- 1,379 -- 3,067 (66,811) (136,004) (3,252) (10,357) (21,561) (54,870) (34,774) (64,875) - -------- --------- ------- -------- -------- -------- -------- -------- 9,886 $ $ 53,990 $(1,528) $ (4,446) $ 39,717 $ 90,538 $ 37,316 $ 21,709 - -------- --------- ------- -------- -------- -------- -------- -------- $ 4,934 $ 11,177 $ 5 $ 28 $ 994 $ 16,666 $ 1,944 $ 22,245 142 304 -- -- -- 67 -- 147 (9,612) (9,607) -- (26) (884) (17,896) (10,576) (21,325) - -------- --------- ------- -------- -------- -------- -------- -------- (4,536) $ $ 1,874 $ 5 $ 2 $ 110 $ (1,163) $ (8,632) $ 1,067 - -------- --------- ------- -------- -------- -------- -------- -------- $ 4,392 $ 29,013 $ 133 $ 1,309 $ 621 $ 1,875 $ 670 $ 2,143 -- 154 -- -- -- 43 -- 20 (15,585) (21,942) (1,070) (1,860) (1,043) (1,523) (588) (1,117) - -------- --------- ------- -------- -------- -------- -------- -------- (11,193) $ $ 7,225 $ (937) $ (551) $ (422) $ 395 $ 82 $ 1,046 - -------- --------- ------- -------- -------- -------- -------- -------- - -------- --------- ------- -------- -------- -------- -------- -------- - -------- --------- ------- -------- -------- -------- -------- -------- (5,843) $ $ 63,089 $(2,460) $ (4,995) $ 39,405 $ 89,770 $ 28,766 $ 23,822 ======== ========= ======= ======== ======== ======== ======== ======== 5,034 13,896 243 812 5,794 14,743 6,239 8,041 89 190 -- -- -- 141 -- 290 (4,466) (9,941) (463) (1,460) (2,050) (6,032) (3,060) (6,365) - -------- --------- ------- -------- -------- -------- -------- -------- 657 4,145 (220) (648) 3,744 8,852 3,179 1,966 - -------- --------- ------- -------- -------- -------- -------- -------- 330 814 1 3 96 2,018 176 2,436 9 22 -- -- -- 7 -- 14 (635) (697) -- (3) (85) (2,130) (920) (2,267) - -------- --------- ------- -------- -------- -------- -------- -------- (296) 139 1 -- 11 (105) (744) 183 - -------- --------- ------- -------- -------- -------- -------- -------- 297 2,178 19 188 64 213 61 215 -- 11 -- -- -- 5 -- 2 (1,053) (1,603) (157) (268) (107) (173) (53) (112) - -------- --------- ------- -------- -------- -------- -------- -------- (756) 586 (138) (80) (43) 45 8 105 - -------- --------- ------- -------- -------- -------- -------- -------- - -------- --------- ------- -------- -------- -------- -------- -------- - -------- --------- ------- -------- -------- -------- -------- -------- (395) 4,870 (357) (728) 3,712 8,792 2,443 2,254 ======== ========= ======= ======== ======== ======== ======== ========
91 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC EQUITY FUNDS November 30, 2004
Life Vision Aggressive Growth Life Vision Life Vision Growth Life Vision Moderate Fund Conservative Fund and Income Fund Growth Fund --------------------- --------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 --------- --------- --------- --------- --------- --------- --------- --------- Capital Transactions T Shares Proceeds from Shares Issued..... $ 3,812 $ 8,576 $ 241 $ 30 $11,319 $ 22,469 $14,759 $ 45,870 Reinvestment of Cash Distributions................. 58 132 -- -- 433 971 981 1,730 Cost of Shares Redeemed......... (3,294) (4,939) -- -- (6,769) (17,771) (9,496) (31,191) ------- ------- ----- ------ ------- -------- ------- -------- Increase (Decrease) in Net Assets from T Shares Transactions................ $ 576 $ 3,769 $ 241 $ 30 $ 4,983 $ 5,669 $ 6,244 $ 16,409 ------- ------- ----- ------ ------- -------- ------- -------- A Shares Proceeds from Shares Issued..... $ 890 $ 858 $ 102 $ 485 $ 1,368 $ 1,432 $ 1,719 $ 4,397 Reinvestment of Cash Distributions................. -- -- 2 2 8 5 26 18 Cost of Shares Redeemed......... (111) -- (173) (10) (161) (24) (187) (898) ------- ------- ----- ------ ------- -------- ------- -------- Increase (Decrease) in Net Assets from A Shares Transactions................ $ 779 $ 858 $ (69) $ 477 $ 1,215 $ 1,413 $ 1,558 $ 3,517 ------- ------- ----- ------ ------- -------- ------- -------- L Shares Proceeds from Shares Issued..... Reinvestment of Cash Distributions................. Cost of Shares Redeemed......... ------- ------- ----- ------ ------- -------- ------- -------- Increase (Decrease) in Net Assets from L Shares Transactions................ ------- ------- ----- ------ ------- -------- ------- -------- B Shares Proceeds from Shares Issued..... $ 741 $ 3,147 $ 473 $4,680 $ 3,016 $ 10,738 $ 1,404 $ 10,808 Reinvestment of Cash Distributions................. -- 4 36 40 23 54 60 87 Cost of Shares Redeemed......... (213) (291) (128) (627) (1,131) (567) (652) (1,204) ------- ------- ----- ------ ------- -------- ------- -------- Increase (Decrease) in Net Assets from B Shares Transactions................ $ 528 $ 2,860 $ 381 $4,093 $ 1,908 $ 10,225 $ 812 $ 9,691 ------- ------- ----- ------ ------- -------- ------- -------- Total Net Increase (Decrease) from Capital Transactions............ $ 1,883 $ 7,487 $ 553 $4,600 $ 8,106 $ 17,307 $ 8,614 $ 29,617 ======= ======= ===== ====== ======= ======== ======= ======== Share Transactions: T Shares Issued.......................... 371 894 22 3 1,047 2,228 1,446 4,736 Reinvested...................... 6 14 -- -- 40 95 97 179 Redeemed........................ (321) (509) -- -- (625) (1,716) (941) (3,218) ------- ------- ----- ------ ------- -------- ------- -------- Increase (Decrease) from T Shares Transactions......... 56 399 22 3 462 607 602 1,697 ------- ------- ----- ------ ------- -------- ------- -------- A Shares Issued.......................... 85 85 9 45 127 135 168 440 Reinvested...................... -- -- -- -- 1 -- 3 2 Redeemed........................ (11) -- (16) (1) (15) (2) (19) (90) ------- ------- ----- ------ ------- -------- ------- -------- Increase (Decrease) from A Shares Transactions......... 74 85 (7) 44 113 133 152 352 ------- ------- ----- ------ ------- -------- ------- -------- L Shares Issued.......................... Reinvested...................... Redeemed........................ ------- ------- ----- ------ ------- -------- ------- -------- Increase (Decrease) from L Shares Transactions......... ------- ------- ----- ------ ------- -------- ------- -------- B Shares Issued.......................... 73 334 44 438 280 1,049 140 1,135 Reinvested...................... -- 1 3 4 2 5 6 9 Redeemed........................ (21) (29) (12) (58) (104) (54) (65) (123) ------- ------- ----- ------ ------- -------- ------- -------- Increase (Decrease) from B Shares Transactions......... 52 306 35 384 178 1,000 81 1,021 ------- ------- ----- ------ ------- -------- ------- -------- Total Net Increase (Decrease) from Share Transactions.............. 182 790 50 431 753 1,740 835 3,070 ======= ======= ===== ====== ======= ======== ======= ========
92 (Unaudited)
Mid-Cap Mid-Cap Value Small Cap Growth Small Cap Value Equity Fund Equity Fund Stock Fund Equity Fund - --------------------- --------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 - --------- --------- --------- --------- --------- --------- --------- --------- $ 24,912 $ 82,329 $ 38,839 $ 49,725 $ 90,864 $ 208,034 $ 50,043 $194,843 207 360 325 224 -- -- 608 1,303 (27,417) (48,540) (12,317) (32,636) (97,386) (187,311) (81,426) (200,738) - -------- -------- -------- -------- -------- --------- -------- -------- $ (2,298) $ 34,149 $ 26,847 $ 17,313 $ (6,522) $ 20,723 $(30,775) $ (4,592) - -------- -------- -------- -------- -------- --------- -------- -------- $ 1,849 $ 6,855 $ 752 $ 781 $ 9,050 $ 18,285 $ 2,188 $ 5,183 17 39 2 -- -- -- 3 -- (5,708) (4,089) (301) (195) (8,201) (7,136) (3,373) (1,130) - -------- -------- -------- -------- -------- --------- -------- -------- $ (3,842) $ 2,805 $ 453 $ 586 $ 849 $ 11,149 $ (1,182) $ 4,053 - -------- -------- -------- -------- -------- --------- -------- -------- $ 356 $ 6,138 $ 684 $ 3,478 $ 1,181 $ 14,012 $ 482 $ 11,644 -- 11 17 1 -- -- -- 5 (2,545) (4,521) (1,363) (3,028) (6,081) (8,464) (6,111) (11,209) - -------- -------- -------- -------- -------- --------- -------- -------- $ (2,189) $ 1,628 $ (662) $ 451 ($ 4,900) $ 5,548 $ (5,629) $ 440 - -------- -------- -------- -------- -------- --------- -------- -------- - -------- -------- -------- -------- -------- --------- -------- -------- - -------- -------- -------- -------- -------- --------- -------- -------- $ (8,329) $ 38,582 $ 26,638 $ 18,350 $(10,573) $ 37,420 $(37,586) $ (99) ======== ======== ======== ======== ======== ========= ======== ======== 2,326 8,504 3,551 5,128 4,489 11,405 2,627 12,101 20 37 29 23 -- -- 33 87 (2,613) (4,889) (1,117) (3,302) (4,860) (9,774) (4,380) (12,580) - -------- -------- -------- -------- -------- --------- -------- -------- (267) 3,652 2,463 1,849 (371) 1,631 (1,720) (392) - -------- -------- -------- -------- -------- --------- -------- -------- 185 721 68 75 448 960 114 290 2 4 -- -- -- -- -- -- (554) (440) (27) (19) (407) (381) (175) (65) - -------- -------- -------- -------- -------- --------- -------- -------- (367) 285 41 56 41 579 (61) 225 - -------- -------- -------- -------- -------- --------- -------- -------- 38 704 62 364 62 812 26 759 -- 1 2 -- -- -- -- -- (270) (502) (123) (310) (320) (467) (329) (695) - -------- -------- -------- -------- -------- --------- -------- -------- (232) 203 (59) 54 (258) 345 (303) 64 - -------- -------- -------- -------- -------- --------- -------- -------- - -------- -------- -------- -------- -------- --------- -------- -------- - -------- -------- -------- -------- -------- --------- -------- -------- (866) 4,140 2,445 1,959 (588) 2,555 (2,084) (103) ======== ======== ======== ======== ======== ========= ======== ========
93 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC EQUITY FUNDS November 30, 2004
Strategic Quantitative Tax Sensitive Growth Value Income Equity Fund Stock Fund Stock Fund ---------------------- --------------------- --------------------- 06/01/04- 08/07/03*- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 5/31/04 11/30/04 5/31/04 11/30/04 5/31/04 --------- ---------- --------- --------- --------- --------- Capital Transactions T Shares Proceeds from Shares Issued............................ $21,619 $63,691 $ 2,465 $ 10,614 $103,141 $117,907 Reinvestment of Cash Distributions..................... -- 655 -- -- 3,953 7,527 Cost of Shares Redeemed................................ (8,756) (3,492) (40,287) (84,727) (63,249) (204,589) ------- ------- -------- --------- -------- -------- Increase (Decrease) in Net Assets from T Shares Transactions....................................... $12,863 $60,854 $(37,822) $ (74,113) $ 43,845 $(79,155) ------- ------- -------- --------- -------- -------- A Shares Proceeds from Shares Issued............................ $ 123 $ 156 $ 650 $ 664 $ 4,645 $ 8,238 Reinvestment of Cash Distributions..................... -- 1 -- -- 348 704 Cost of Shares Redeemed................................ -- (3) (458) (318) (6,545) (12,649) ------- ------- -------- --------- -------- -------- Increase (Decrease) in Net Assets from A Shares Transactions....................................... $ 123 $ 154 $ 192 $ 346 $ (1,552) $ (3,707) ------- ------- -------- --------- -------- -------- L Shares Proceeds from Shares Issued............................ $ 77 $ 1,627 $ 402 $ 4,890 $ 1,312 $ 11,995 Reinvestment of Cash Distributions..................... -- 19 -- -- 82 201 Cost of Shares Redeemed................................ (112) (107) (17,437) (33,456) (6,814) (12,967) ------- ------- -------- --------- -------- -------- Increase (Decrease) in Net Assets from L Shares Transactions....................................... $ (35) $ 1,539 $(17,035) $ (28,566) $ (5,420) $ (771) ------- ------- -------- --------- -------- -------- B Shares Proceeds from Shares Issued............................ Reinvestment of Cash Distributions..................... Cost of Shares Redeemed................................ ------- ------- -------- --------- -------- -------- Increase (Decrease) in Net Assets from B Shares Transactions....................................... ------- ------- -------- --------- -------- -------- Total Net Increase (Decrease) from Capital Transactions........................................... $12,951 $62,547 $(54,665) $(102,333) $ 36,873 $(83,633) ======= ======= ======== ========= ======== ======== Share Transactions: T Shares Issued................................................. 1,740 5,767 106 474 8,817 11,026 Reinvested............................................. -- 58 -- -- 340 717 Redeemed............................................... (718) (296) (1,738) (3,816) (5,417) (19,413) ------- ------- -------- --------- -------- -------- Increase (Decrease) from T Shares Transactions....... 1,022 5,529 (1,632) (3,342) 3,740 (7,670) ------- ------- -------- --------- -------- -------- A Shares Issued................................................. 10 13 28 29 397 785 Reinvested............................................. -- -- -- -- 30 67 Redeemed............................................... -- -- (20) (13) (562) (1,175) ------- ------- -------- --------- -------- -------- Increase (Decrease) from A Shares Transactions....... 10 13 8 16 (135) (323) ------- ------- -------- --------- -------- -------- L Shares Issued................................................. 6 138 18 235 115 1,157 Reinvested............................................. -- 2 -- -- 7 19 Redeemed............................................... (9) (9) (795) (1,562) (591) (1,205) ------- ------- -------- --------- -------- -------- Increase (Decrease) from L Shares Transactions....... (3) 131 (777) (1,327) (469) (29) ------- ------- -------- --------- -------- -------- B Shares Issued................................................. Reinvested............................................. Redeemed............................................... ------- ------- -------- --------- -------- -------- Increase (Decrease) from B Shares Transactions....... ------- ------- -------- --------- -------- -------- Total Net Increase (Decrease) from Share Transactions.... 1,029 5,673 (2,401) (4,653) 3,136 (8,022) ======= ======= ======== ========= ======== ========
* Commencement of operations. Amounts designated as "--" are either $0 or have been rounded to $0. 94 (Unaudited) 6. Federal Tax Policies and Information It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with applicable country's tax rules and rates. At November 30, 2004, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were different from amounts reported for financial reporting purposes due to wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation for securities held by the Funds at November 30, 2004, were as follows:
Aggregate Aggregate Net Gross Gross Unrealized Federal Unrealized Unrealized Appreciation Tax Cost Appreciation (Depreciation) (Depreciation) (000) (000) (000) (000) ---------- ------------ -------------- -------------- Aggressive Growth Stock Fund................................ $ 41,768 $ 5,423 $ (2,890) $ 2,533 Balanced Fund............................................... 300,619 20,393 (1,422) 18,971 Capital Appreciation Fund................................... 1,606,902 199,611 (17,362) 182,249 Emerging Growth Stock Fund.................................. 16,303 2,429 (1,229) 1,200 Growth and Income Fund...................................... 811,073 207,970 (9,539) 198,431 Information and Technology Fund............................. 15,188 1,664 (136) 1,528 International Equity Fund................................... 364,937 90,669 (3,461) 87,208 International Equity Index Fund............................. 425,906 99,298 (28,130) 71,168 Life Vision Aggressive Growth Fund.......................... 43,187 5,625 (118) 5,507 Life Vision Conservative Fund............................... 5,976 300 (35) 265 Life Vision Growth and Income Fund.......................... 91,799 11,389 (253) 11,136 Life Vision Moderate Growth Fund............................ 140,615 13,407 (465) 12,942 Mid-Cap Equity Fund......................................... 195,217 41,786 (3,274) 38,512 Mid-Cap Value Equity Fund................................... 229,766 20,678 (1,890) 18,788 Small Cap Growth Stock Fund................................. 1,053,826 230,446 (28,083) 202,363 Small Cap Value Equity Fund................................. 788,033 231,792 (15,288) 216,504 Strategic Quantitative Equity Fund.......................... 78,537 7,996 (315) 7,681 Tax Sensitive Growth Stock Fund............................. 144,603 46,098 (1,899) 44,199 Value Income Stock Fund..................................... 839,954 130,018 (10,474) 119,544
As of the latest tax year end of May 31, 2004, the following Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations. To the extent that these carryovers are used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders (000):
Expires ------------------------------------------------------------------ Fund 2006 2007 2008 2009 2010 2011 2012 - ---- ------ ------ ------- -------- ------- ------- ------- Aggressive Growth Stock Fund................................ $ -- $ -- $ -- $ -- $ -- $ -- $ 29 Emerging Growth Stock Fund.................................. -- -- -- -- -- -- 178 Growth and Income Fund...................................... -- -- -- -- -- 29,765 -- Information and Technology Fund............................. -- -- -- -- 65,590 19,102 -- International Equity Fund................................... 3,868 2,086 -- 3,394 27,543 31,153 17,050 International Equity Index Fund............................. -- -- -- 6,233 23,827 16,546 9,207 Life Vision Aggressive Growth Fund.......................... -- -- -- -- 15 873 83 Life Vision Growth and Income Fund.......................... -- -- -- -- 1,545 1,299 1,043 Life Vision Moderate Growth Fund............................ -- -- -- -- 286 554 1,105 Mid-Cap Equity Fund......................................... -- -- -- -- -- 28,717 -- Mid-Cap Value Equity Fund................................... -- -- -- -- -- 17,070 -- Small Cap Growth Stock Fund................................. -- 1,996 -- -- -- -- -- Tax Sensitive Growth Stock Fund*............................ -- 142 40,227 153,993 52,653 9,527 -- Value Income Stock Fund..................................... -- -- -- 162,750 -- 28,942 --
* Information reflects fund activity based on the Fund's October 31, 2003 tax reporting year. Amounts designated as "--" are either $0 or have been rounded to $0. 95 NOTES TO FINANCIAL STATEMENTS (concluded) STI CLASSIC EQUITY FUNDS November 30, 2004 7. Concentrations/Risks The Information and Technology Fund invests a substantial portion of its assets in securities in the technology industry. Therefore, it may be more affected by economic and political developments in that industry than a general equity fund would be. The International Equity and International Equity Index Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. 8. Securities Lending The Balanced Fund, Capital Appreciation Fund, Growth and Income Fund, Information and Technology Fund, International Equity Fund, International Equity Index Fund, Mid-Cap Equity Fund, Mid-Cap Value Equity Fund, Small Cap Growth Stock Fund, Small Cap Value Equity Fund, Tax Sensitive Growth Stock Fund, and Value Income Stock Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust's Board of Trustees. These loans may not exceed 331/3% of the total asset value of the Fund (including the loan collateral). No Fund will lend portfolio securities to its investment adviser, or its affiliates unless it has applied for and received specific authority to do so from the Securities and Exchange Commission. Loans of portfolio securities will be fully collateralized by cash. The value of the collateral is at least 102% of the market value of the securities loaned. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. Cash collateral received in connection with securities lending is invested in the Boston Global Investment Trust-Enhanced Portfolio. This investment consists of money market instruments including money market mutual funds registered under the Investment Company Act of 1940, commercial paper, repurchase agreements, U.S. Treasury Bills and U.S. agency obligations. At November 30, 2004, the Portfolio was invested in money market mutual funds, commercial paper, repurchase agreements, U.S. Agency Obligations and corporate bonds (with interest rates ranging from 1.15% to 2.36% and maturity dates ranging from 12/01/04 to 06/15/07). 9. Subsequent Event On December 17, 2004, the assets of the Information and Technology Fund were acquired by the Aggressive Growth Stock Fund. 96 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (UNAUDITED) - -------------------------------------------------------------------------------- Information pertaining to the trustees of the Trust is set forth below. Trustees who are not deemed to be "interested persons" of the Trust as defined in the 1940 Act are referred to as "Independent Board Member." Trustees who are deemed to be "interested persons" of the Trust are referred to as "Interested Board Member." Messrs. Courts and Ridley are Trustees who may be deemed to be "interested persons" of the Trust. - --------------------------------------------------------------------------------
TERM OF NUMBER OF POSITION(S) OFFICE AND PRINCIPAL PORTFOLIOS NAME, ADDRESS, AND HELD WITH LENGTH OF OCCUPATION(S) OVERSEEN FOR DATE OF BIRTH THE GROUP TIME SERVED DURING THE PAST 5 YEARS THE TRUST - ------------------------------------------------------------------------------------------------------ INTERESTED BOARD MEMBERS* - -------------- Richard W. Courts, II Trustee November, 2001 Chairman of the Board, Atlantic 49 3435 Stelzer Road Investment Company, 1970 to Columbus, OH 43219 present. 01/18/36 - ------------------------------------------------------------------------------------------------------ Clarence H. Ridley Trustee November, 2001 Chairman of the Board; Haverty 49 3435 Stelzer Road Furniture Companies, 2001 to Columbus, OH 43219 present; Partner, King and 06/03/42 Spaulding LLP (law firm), 1971 to 2000. - ------------------------------------------------------------------------------------------------------ INDEPENDENT BOARD MEMBERS - ------------- Thomas Gallagher Trustee May, 2000 President, Genuine Parts Company 49 3435 Stelzer Road Wholesale Distribution, 1970 to Columbus, OH 43219 present. 11/25/47 - ------------------------------------------------------------------------------------------------------ F. Wendell Gooch Trustee May, 1992 Retired. 49 3435 Stelzer Road Columbus, OH 43219 12/03/32 - ------------------------------------------------------------------------------------------------------ James O. Robbins Trustee May, 2000 President and Chief Executive 49 3435 Stelzer Road Officer, Cox Communications, Columbus, OH 43219 Inc., 1985 to present. 07/04/42 - ------------------------------------------------------------------------------------------------------ Jonathan T. Walton Trustee February, 1998 Retired. 49 3435 Stelzer Road Columbus, OH 43219 03/28/30 - ------------------------------------------------------------------------------------------------------ Sidney E. Harris Trustee November, 2004 Dean of Robinson College of 49 3435 Stelzer Road Business, Georgia State Columbus, OH 43219 University. 07/21/49 - ------------------------------------------------------------------------------------------------------ Warren Y. Jobe Trustee November, 2004 Retired. 49 3435 Stelzer Road Columbus, OH 43219 11/12/40 - ------------------------------------------------------------------------------------------------------ Charles D. Winslow Trustee November, 2004 Retired. 49 3435 Stelzer Road Columbus, OH 43219 07/13/35 - ------------------------------------------------------------------------------------------------------ OTHER DIRECTORSHIPS NAME, ADDRESS, AND HELD BY BOARD DATE OF BIRTH MEMBER - -------------------------------------------------------------------------------- INTERESTED BOARD MEMBERS* - -------------- Richard W. Courts, II Director, Cousins 3435 Stelzer Road Properties, Inc.; Director, Columbus, OH 43219 Piedmont Hospital; Director, 01/18/36 SunTrust Bank, Atlanta; Chairman, Courts Foundation; Chairman, J. Bulow Campbell Foundation. Current Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------- Clarence H. Ridley Director, Crawford & Co.; 3435 Stelzer Road Director, Pike's Family Columbus, OH 43219 Nurseries, Inc.; Trustee, 06/03/42 St. Joseph's Health System, Inc.; Director, High Museum of Atlanta. Current Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------- INDEPENDENT BOARD MEMBERS - ------------- Thomas Gallagher Director, Shepard Center; 3435 Stelzer Road Director, NAPA; Director, Columbus, OH 43219 Genuine Parts Co.; Director, 11/25/47 Stone Mountain Industrial Park; Trustee, The Lovett School; Director, Oxford Industries. Current Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------- F. Wendell Gooch Current Trustee of STI 3435 Stelzer Road Classic Variable, The Columbus, OH 43219 Capitol Mutual Funds and SEI 12/03/32 Family of Funds. - -------------------------------------------------------------------------------- James O. Robbins Director, National Cable and 3435 Stelzer Road Telecommunications Columbus, OH 43219 Association; Director, Cable 07/04/42 Labs; Director, C-SPAN; Trustee, St. Paul's Schools; Director, Cox Communications. Current Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------- Jonathan T. Walton Current Trustee of STI 3435 Stelzer Road Classic Variable Trust and Columbus, OH 43219 W.K. Kellogg Trust. 03/28/30 - -------------------------------------------------------------------------------- Sidney E. Harris Director, ServiceMaster; 3435 Stelzer Road Director, Total System Columbus, OH 43219 Services, Inc. Current 07/21/49 Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------- Warren Y. Jobe Director, WellPoint Health 3435 Stelzer Road Networks; Director, Columbus, OH 43219 UniSource Energy Corp.; 11/12/40 Director, Tucson Electric Power. Current Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------- Charles D. Winslow Current Trustee of STI 3435 Stelzer Road Classic Variable Trust. Columbus, OH 43219 07/13/35 - --------------------------------------------------------------------------------
* Mr. Courts may be deemed an interested Trustee because of his directorships with affiliates of the Adviser. Mr. Ridley may be deemed an interested Trustee because of a material business relationship with the parent of the Adviser. 97 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (UNAUDITED) - --------------------------------------------------------------------------------
TERM OF OFFICE AND POSITION(S) LENGTH OF NAME, ADDRESS, AND HELD WITH TIME PRINCIPAL OCCUPATION(S) DATE OF BIRTH THE GROUP SERVED DURING THE PAST 5 YEARS - ----------------------------------------------------------------------------------------------------------------------- OFFICERS - -------- R. Jeffrey Young President Since 2004 Senior Vice President, Relationship Management, BISYS Fund 3435 Stelzer Road Services since April 2002. Vice President, Client Services, Columbus, OH 43219 BISYS Fund Services from May 1997 to April 2002. 08/22/64 - ----------------------------------------------------------------------------------------------------------------------- Bryan C. Haft Treasurer and Since 2004 Vice President, Financial Administration, BISYS Fund 3435 Stelzer Road CFO Services since July 2000. Director, Administration Services, Columbus, OH 43219 BISYS Fund Services from May 1998 to July 2000. 01/23/65 - ----------------------------------------------------------------------------------------------------------------------- Deborah A. Lamb Executive Vice Since 2003 Chief Compliance Officer and Managing Director of Trusco 3435 Stelzer Road President, Capital Management, Inc. since March 2003 and President of Columbus, OH 43219 Assistant Investment Industry Consultants, LLC since June 2000. 10/02/52 Secretary and Director of Compliance at INVESCO, Inc. from March 1995 to CCO June 2000. - ----------------------------------------------------------------------------------------------------------------------- Alaina V. Metz Assistant Since 2004 Vice President, Blue Sky Compliance, BISYS Fund Services 3435 Stelzer Road Secretary since January 2002. Chief Administrative Officer, Blue Sky Columbus, OH 43219 Compliance, BISYS Fund Services from June 1995 to January 04/07/67 2002. - ----------------------------------------------------------------------------------------------------------------------- Julie M. Powers Assistant Since 2004 Senior Paralegal, Legal Services, BISYS Fund Services since 3435 Stelzer Road Secretary June 2000. Paralegal of Phillips, Lytle, Hitchcock, Blaine & Columbus, OH 43219 Huber LLP from March 1998 to June 2000. 10/08/69 - -----------------------------------------------------------------------------------------------------------------------
98 EXPENSE EXAMPLES (UNAUDITED) - -------------------------------------------------------------------------------- As a shareholder of the STI Classic Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; redemption fees; and exchange fees; (2) ongoing costs, including management fees; distribution [and/or service] 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the STI Classic Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2004 through November 30, 2004. Actual Expenses The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** Fund 06/01/04 11/30/04 06/01/04-11/30/04 06/01/04-11/30/04 - ---- ------------- ------------- ----------------- ----------------- Aggressive Growth Stock Fund......... T Shares $1,000.00 $1,017.00 $6.02 1.19% A Shares 1,000.00 1,015.00 7.88 1.56% L Shares 1,000.00 1,013.00 10.55 2.09% Balanced Fund........................ T Shares 1,000.00 1,032.90 4.99 0.98% A Shares 1,000.00 1,031.40 6.47 1.27% L Shares 1,000.00 1,027.80 10.17 2.00% Capital Appreciation Fund............ T Shares 1,000.00 1,020.30 6.03 1.19% A Shares 1,000.00 1,016.90 9.40 1.86% L Shares 1,000.00 1,015.20 11.27 2.23% Emerging Growth Stock Fund........... T Shares 1,000.00 972.90 6.03 1.22% A Shares 1,000.00 970.80 7.81 1.58% L Shares 1,000.00 967.60 10.31 2.09% Growth and Income Fund............... T Shares 1,000.00 1,079.50 5.00 0.96% A Shares 1,000.00 1,079.20 6.15 1.18% L Shares 1,000.00 1,075.00 9.99 1.92% Information and Technology Fund...... T Shares 1,000.00 1,024.00 6.29 1.24% A Shares 1,000.00 1,021.40 8.72 1.72% L Shares 1,000.00 1,018.10 11.08 2.19% International Equity Fund............ T Shares 1,000.00 1,132.00 7.27 1.36% A Shares 1,000.00 1,129.60 9.18 1.72% L Shares 1,000.00 1,125.40 12.73 2.39% International Equity Index Fund...... T Shares 1,000.00 1,134.10 4.87 0.91% A Shares 1,000.00 1,131.70 7.16 1.34% L Shares 1,000.00 1,128.20 10.46 1.96% Life Vision Aggressive Growth Fund... T Shares 1,000.00 1,070.80 0.99 0.19% A Shares 1,000.00 1,068.90 2.65 0.51% B Shares 1,000.00 1,066.80 5.18 1.00% Life Vision Conservative Fund........ T Shares 1,000.00 1,043.60 0.82 0.16% A Shares 1,000.00 1,041.60 2.81 0.55% B Shares 1,000.00 1,039.80 4.86 0.95% Life Vision Growth and Income Fund... T Shares 1,000.00 1,060.50 1.08 0.21% A Shares 1,000.00 1,058.30 2.84 0.55% B Shares 1,000.00 1,055.90 5.15 1.00% Life Vision Moderate Growth Fund..... T Shares 1,000.00 1,056.20 1.08 0.21% A Shares 1,000.00 1,054.90 2.42 0.47% B Shares 1,000.00 1,051.60 4.73 0.92%
99 EXPENSE EXAMPLES (UNAUDITED) - --------------------------------------------------------------------------------
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** Fund 06/01/04 11/30/04 06/01/04-11/30/04 06/01/04-11/30/04 - ---- ------------- ------------- ----------------- ----------------- Mid-Cap Equity Fund.................. T Shares 1,000.00 1,112.60 6.30 1.19% A Shares 1,000.00 1,110.00 8.62 1.63% L Shares 1,000.00 1,106.50 11.67 2.21% Mid-Cap Value Equity Fund............ T Shares 1,000.00 1,094.60 6.35 1.21% A Shares 1,000.00 1,091.20 8.39 1.60% L Shares 1,000.00 1,089.70 9.90 1.89% Small Cap Growth Stock Fund.......... T Shares 1,000.00 1,109.60 6.45 1.22% A Shares 1,000.00 1,107.40 8.51 1.61% L Shares 1,000.00 1,103.90 11.76 2.23% Small Cap Value Equity Fund.......... T Shares 1,000.00 1,154.80 6.54 1.21% A Shares 1,000.00 1,153.10 7.99 1.48% L Shares 1,000.00 1,153.00 8.20 1.52% Strategic Quantitative Equity Fund... T Shares 1,000.00 1,112.60 5.61 1.06% A Shares 1,000.00 1,110.40 7.09 1.34% L Shares 1,000.00 1,105.80 11.09 2.10% Tax Sensitive Growth Stock Fund...... T Shares 1,000.00 1,044.20 6.20 1.21% A Shares 1,000.00 1,041.70 8.24 1.61% L Shares 1,000.00 1,038.60 11.40 2.23% Value Income Stock Fund.............. T Shares 1,000.00 1,081.50 4.49 0.86% A Shares 1,000.00 1,079.80 6.31 1.21% L Shares 1,000.00 1,075.90 9.89 1.90%
- --------------- * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on each STI Classic Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** Fund 06/01/04 11/30/04 06/01/04-11/30/04 06/01/04-11/30/04 - ---- ------------- ------------- ----------------- ----------------- Aggressive Growth Stock Fund......... T Shares $1,000.00 $1,019.10 $6.02 1.19% A Shares 1,000.00 1,017.25 7.89 1.56% L Shares 1,000.00 1,014.59 10.56 2.09% Balanced Fund........................ T Shares 1,000.00 1,020.16 4.96 0.98% A Shares 1,000.00 1,018.70 6.43 1.27% L Shares 1,000.00 1,015.04 10.10 2.00% Capital Appreciation Fund............ T Shares 1,000.00 1,019.10 6.02 1.19% A Shares 1,000.00 1,015.74 9.40 1.86% L Shares 1,000.00 1,013.89 11.26 2.23%
100 - --------------------------------------------------------------------------------
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** Fund 06/01/04 11/30/04 06/01/04-11/30/04 06/01/04-11/30/04 - ---- ------------- ------------- ----------------- ----------------- Emerging Growth Stock Fund........... T Shares 1,000.00 1,018.95 6.17 1.22% A Shares 1,000.00 1,017.15 7.99 1.58% L Shares 1,000.00 1,014.59 10.56 2.09% Growth and Income Fund............... T Shares 1,000.00 1,020.26 4.86 0.96% A Shares 1,000.00 1,019.15 5.97 1.18% L Shares 1,000.00 1,015.44 9.70 1.92% Information and Technology Fund...... T Shares 1,000.00 1,018.85 6.28 1.24% A Shares 1,000.00 1,016.44 8.69 1.72% L Shares 1,000.00 1,014.09 11.06 2.19% International Equity Fund............ T Shares 1,000.00 1,018.25 6.88 1.36% A Shares 1,000.00 1,016.44 8.69 1.72% L Shares 1,000.00 1,013.09 12.06 2.39% International Equity Index Fund...... T Shares 1,000.00 1,020.51 4.61 0.91% A Shares 1,000.00 1,018.35 6.78 1.34% L Shares 1,000.00 1,015.24 9.90 1.96% Life Vision Aggressive Growth Fund... T Shares 1,000.00 1,024.12 0.96 0.19% A Shares 1,000.00 1,022.51 2.59 0.51% B Shares 1,000.00 1,020.05 5.06 1.00% Life Vision Conservative Fund........ T Shares 1,000.00 1,024.27 0.81 0.16% A Shares 1,000.00 1,022.31 2.79 0.55% B Shares 1,000.00 1,020.31 4.81 0.95% Life Vision Growth and Income Fund... T Shares 1,000.00 1,024.02 1.07 0.21% A Shares 1,000.00 1,022.31 2.79 0.55% B Shares 1,000.00 1,020.05 5.06 1.00% Life Vision Moderate Growth Fund..... T Shares 1,000.00 1,024.02 1.07 0.21% A Shares 1,000.00 1,022.71 2.38 0.47% B Shares 1,000.00 1,020.46 4.66 0.92% Mid-Cap Equity Fund.................. T Shares 1,000.00 1,019.10 6.02 1.19% A Shares 1,000.00 1,016.90 8.24 1.63% L Shares 1,000.00 1,013.99 11.16 2.21% Mid-Cap Value Equity Fund............ T Shares 1,000.00 1,019.00 6.12 1.21% A Shares 1,000.00 1,017.05 8.09 1.60% L Shares 1,000.00 1,015.59 9.55 1.89% Small Cap Growth Stock Fund.......... T Shares 1,000.00 1,018.95 6.17 1.22% A Shares 1,000.00 1,017.00 8.14 1.61% L Shares 1,000.00 1,013.89 11.26 2.23% Small Cap Value Equity Fund.......... T Shares 1,000.00 1,019.00 6.12 1.21% A Shares 1,000.00 1,017.65 7.49 1.48% L Shares 1,000.00 1,017.45 7.69 1.52% Strategic Quantitative Equity Fund... T Shares 1,000.00 1,019.75 5.37 1.06% A Shares 1,000.00 1,018.35 6.78 1.34% L Shares 1,000.00 1,014.54 10.61 2.10% Tax Sensitive Growth Stock Fund...... T Shares 1,000.00 1,019.00 6.12 1.21% A Shares 1,000.00 1,017.00 8.14 1.61% L Shares 1,000.00 1,013.89 11.26 2.23% Value Income Stock Fund.............. T Shares 1,000.00 1,020.76 4.36 0.86% A Shares 1,000.00 1,019.00 6.12 1.21% L Shares 1,000.00 1,015.54 9.60 1.90%
- --------------- * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. 101 - -------------------------------------------------------------------------------- Proxy Voting Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and how the Funds voted proxies relating to portfolio securities during the period ended November 30, 2004 is available (1) without charge, upon request, by calling 1-800-428-6970, and (2) on the Securities and Exchange Commission's website at www.sec.gov. Other Information Schedules of Portfolio Investments for periods ending August 31, 2004 is available and February 28, 2005 will be available, without charge, on the Securities and Exchange Commission's website at www.sec.gov. 102 (This page intentionally left blank) (This page intentionally left blank) INVESTMENT ADVISER: Trusco Capital Management, Inc. STI Classic Funds are not deposits, are not insured or guaranteed by the FDIC or any other government agency, and are not endorsed by and do not constitute obligations of SunTrust Banks, Inc. or any other of its affiliates. Investment in the Funds involves risk, including the possible loss of principal. There is no guarantee that any STI Classic Fund will achieve its investment objective. The STI Classic Funds are advised by Trusco Capital Management, Inc., an affiliate of SunTrust Banks, Inc. DISTRIBUTOR: BISYS Fund Services LP This information must be preceded or accompanied by a current prospectus for each Fund described. [STI CLASSIC FUNDS LOGO] STI-SA-001 1/05 ---------------------------------------- SEMI-ANNUAL ---------------------------------------- FINANCIAL REPORT ---------------------------------------- STI CLASSIC FIXED INCOME FUNDS ---------------------------------------- A FAMILY OF MUTUAL FUNDS ---------------------------------------- November 30, 2004 [STI CLASSIC FUNDS LOGO] Dear Valued STI Classic Funds Shareholder, While patience is rarely enjoyable, it is often called a virtue and with good reason. We stressed patience with the stock market in 2004, primarily because the economy was transitioning from a stimulus led period of growth (low mortgage rates and tax cuts) to a more sustainable phase characterized by improved job growth, rising personal income, and continued capital spending. These are key factors that drive sales and investment. A more succinct way of expressing our view for 2004 is "don't bet against the cycle." While the stock markets bounced around inside a trading range for most of the year, our patience was rewarded in the fourth quarter. The S&P 500 Index rose 9.2% including dividends during the final three months and finished the year with a total return of 10.9%. Bonds also faired reasonably well in the final quarter and finished 2004 with a fifth consecutive annual gain. The Lehman Brothers Aggregate Bond Index rose 1.0% during the last three months and gained 4.3% for the year. The New Yea r appears likely to be favorable for the economy and the markets as well, but cross-currents will be significant. I want to take this opportunity to share our views on the year just ended, and outline our thoughts about factors likely to shape 2005. After the S&P 500 rebounded 28.7% in 2003, many investors were anxious for signs confirming improving economic momentum in 2004. Early in the year, there was evidence that the economy was indeed picking up steam and achieving sustainability, and stocks advanced in the first quarter amid signs of strength. However, equities struggled in the spring and summer as job growth slowed and confidence sagged. The Federal Reserve, conversely, became more confident in the health of the economy and began raising the overnight Fed Funds rate on June 30 in an effort to remove "excess monetary accommodation." An additional development was the sharp rise in oil prices, though "headline" inflation rose only moderately. These were new headwinds that threatened the pace of growth and increased the risk of inflation; both negatives for stocks. The S&P 500 was nearly unchanged at the end of the third quarter, while longer-term yields actually declined. In the fourth quarter, a resumption of stronger job growth, a drop in oil prices, and an end to a vituperative presidential campaign cleared the way for an equity rebound. The S&P 500 rose 9.2% including dividends during the quarter, and all sectors improved, led primarily by pro-cyclical technology, consumer discretionary, and industrial stocks. For all of 2004, energy led all sectors due to the sharp spike in oil prices. Utility and telecom stocks, while a small percentage of the index, performed well, and industrials, materials, and consumer discretionary stocks had above-average performance. Generally, the year was good for the value style of investing. Stocks with the lowest earnings growth outperformed stocks with high earnings growth, and companies with higher dividends tended to outperform those with low dividends. Also, stocks with smaller market capitalizations as well as international equities tended to outperform the S&P 500 in 2004. The Russell 2000 small-cap index returned 18.3%, and the MSCI EAFE Index gained 20.7%. In the fixed-income market, the pro-cyclical improvement in the economy benefited credit and high yield securities. Our outlook for the economy in 2005 remains positive led by additional business investment and employment gains. However, the pace of growth is expected to slow closer to the longer-term average of 3.0%. Top line inflation may dip due to a decline in oil prices, but core inflation is likely to move moderately higher. The dollar is expected to remain under downward pressure. In this environment, we expect the Federal Reserve to continue with a series of rate hikes with a near-term goal of achieving interest rate "neutrality." Longer term yields are also likely to rise, but not dramatically. Corporate earnings growth has begun to moderate, and we project a slowing in S&P 500 operating profits growth for all of 2005 near the long-term average of 7%. History has shown that equity prices can still move higher when corporate earnings growth slows from high rates. We believe that companies with stronger financial quality (high cash flow, top line sales growth, low debt) should outperform in this climate, which may support a shift toward stocks with consistent earnings growth as well as the Growth style. We will continue to be very price sensitive in the entry and exit strategies for individual stocks. 1 We still like stocks relative to bonds, given the current low absolute level of bond yields, the expected continuation of Fed tightening, the risk of higher inflation, and the downward pressure on the dollar. However, the upward path for equities could be bumpy over the near-term following the post-election rally and the increased valuation levels, especially if long-term yields move significantly higher. We favor a relative overweight position in large-caps over small-caps in fully diversified portfolios, and international equities over the S&P 500. In fixed-income portfolios, we believe yields should generally trend higher, and most of the movement will be in short-term rates causing the yield curve to flatten further from the current level. We recommend a neutral relative duration with a modest barbell maturity structure, and an overweight position in securities designed to perform well in rising inflation environments such as Treasury inflation-indexed securities (TIPS). However, following a significant narrowing of credit spreads, we moved to an underweight position in corporate bonds and will shift to an underweight in mortgages. Patience was required and rewarded in 2004. While we are generally optimistic on the future trend in the equity markets, the cross-currents in the global economy suggest that another dose of patience may be needed to reach longer-term investment goals. I appreciate the confidence you have placed in Trusco in managing your assets, and we value your relationship. Sincerely, /s/ Douglas Phillips Douglas Phillips Chairman Trusco Capital Management 2 PORTFOLIO INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC FIXED INCOME FUNDS November 30, 2004 Percentages are based on market value - -------------------------------------------------------------------------------- FLORIDA TAX-EXEMPT BOND FUND - -------------------------------------------------------------------------------- Municipal Bonds 90.8% Money Market Funds 9.2% - -------------------------------------------------------------------------------- GEORGIA TAX-EXEMPT BOND FUND - -------------------------------------------------------------------------------- Municipal Bonds 95.9% Money Market Funds 4.1% - -------------------------------------------------------------------------------- HIGH INCOME FUND - -------------------------------------------------------------------------------- Corporate Bonds 82.6% Preferred Stocks 0.9% Yankee Dollar 13.9% Repurchase Agreements 2.6% - -------------------------------------------------------------------------------- INVESTMENT GRADE BOND FUND - -------------------------------------------------------------------------------- Corporate Bonds 33.7% Foreign Government Bonds 1.0% U.S. Government Agencies 2.2% U.S. Treasury Obligations 49.9% Short-Term Investments 4.2% Money Market Funds 3.7% Repurchase Agreements 5.3% - -------------------------------------------------------------------------------- INVESTMENT GRADE TAX-EXEMPT BOND FUND - -------------------------------------------------------------------------------- Municipal Bonds 89.1% Money Market Funds 8.9% Repurchase Agreements 2.0% - -------------------------------------------------------------------------------- LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND - -------------------------------------------------------------------------------- U.S. Government Agencies 95.1% Repurchase Agreements 4.9% - -------------------------------------------------------------------------------- MARYLAND MUNICIPAL BOND FUND - -------------------------------------------------------------------------------- Municipal Bonds 96.3% Money Market Funds 3.7% - -------------------------------------------------------------------------------- SHORT-TERM BOND FUND - -------------------------------------------------------------------------------- Corporate Bonds 47.2% Foreign Government Bonds 2.1% U.S. Government Agencies 36.9% U.S. Treasury Obligations 7.7% Yankee Dollar 0.6% Short-Term Investments 5.2% Money Market Funds 0.3% - -------------------------------------------------------------------------------- SHORT-TERM U.S. TREASURY - -------------------------------------------------------------------------------- U.S. Treasury Obligations 86.8% Money Market Funds 13.2% - -------------------------------------------------------------------------------- STRATEGIC INCOME FUND - -------------------------------------------------------------------------------- Corporate Bonds 40.1% Foreign Government Bonds 14.7% Preferred Stocks 0.5% U.S. Treasury Obligations 28.4% Yankee Dollar 7.2% Short-Term Investments 9.1% - -------------------------------------------------------------------------------- U.S. GOVERNMENT SECURITIES - -------------------------------------------------------------------------------- Asset Backed Securities 0.9% U.S. Government Agencies 66.9% U.S. Treasury Obligations 22.4% Short-Term Investments 5.2% Repurchase Agreements 4.6% - -------------------------------------------------------------------------------- VIRGINIA INTERMEDIATE MUNICIPAL - -------------------------------------------------------------------------------- Municipal Bonds 98.8% Money Market Funds 1.2% - -------------------------------------------------------------------------------- VIRGINIA MUNICIPAL BOND FUND - -------------------------------------------------------------------------------- Municipal Bonds 97.2% Money Market Funds 2.8%
Portfolio composition is subject to change. 3 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) FLORIDA TAX-EXEMPT BOND FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MUNICIPAL BONDS (89.3%) FLORIDA (65.4%) Alachua County, Health Facilities Authority, Shands Teaching Hospital, Ser B, RB, MBIA, 1.600%, 12/01/26 (c) $ 2,000 $ 2,000 Brevard County, Sales Tax Authority, RB, MBIA, 5.700%, 12/01/09, Prerefunded @ 101 (g) 100 101 Brevard County, School Board, COP, AMBAC, 5.500%, 07/01/17 1,360 1,505 Brevard County, School Board, COP, AMBAC, 5.500%, 07/01/18 3,015 3,329 Brevard County, Utility Authority, RB, FGIC, 5.250%, 03/01/13, Callable 03/01/12 @ 100 1,000 1,099 Brevard County, Utility Authority, RB, FGIC, 5.250%, 03/01/14, Callable 03/01/12 @ 100 1,000 1,101 Collier County, Water -- Sewer District, Ser B, RB, FSA, 5.500%, 07/01/16, Callable 07/01/13 @ 100 2,125 2,366 Dade County, Aviation Authority, Ser A, RB, AMBAC, 6.000%, 10/01/09, Callable 10/01/05 @ 102 500 525 Dade County, Ser CC, GO, AMBAC, 7.125%, 10/01/15 2,380 3,008 Daytona Beach, Utility Systems Authority, Ser D, RB, FSA, 5.250%, 11/15/15, Callable 11/15/12 @ 100 1,000 1,098 Deerfield Beach, Water & Sewer Authority, Refunding & Improvement Project, RB, FGIC, 6.125%, 10/01/06 140 145 Escambia County, Sales Tax Authority, RB, AMBAC, 5.250%, 10/01/15, Callable 10/01/12 @ 101 2,165 2,378
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FLORIDA--CONTINUED Florida State Board of Education, Public Education Project, Ser H, GO, FSA, 5.250%, 06/01/11 $ 2,150 $ 2,395 Florida State, Board of Education, Capital Outlay, GO, ETM, 9.125%, 06/01/14 950 1,265 Florida State, Board of Education, Capital Outlay, Public Education Project, Ser B, GO, 5.250%, 06/01/11, Callable 06/01/08 @ 101 1,000 1,086 Florida State, Board of Education, Capital Outlay, Public Education Project, Ser B, GO, 5.500%, 06/01/15, Callable 06/01/11 @ 101 3,000 3,338 Florida State, Board of Education, Capital Outlay, Public Education Project, Ser B, GO, 5.375%, 06/01/18, Callable 06/01/12 @ 101 2,130 2,335 Florida State, Board of Education, Capital Outlay, Public Education Project, Ser C, GO, 5.400%, 06/01/10, Callable 06/01/05 @ 101 2,745 2,816 Florida State, Board of Education, Capital Outlay, Public Education Project, Ser D, GO, 5.375%, 06/01/15, Callable 06/01/12 @ 100 1,535 1,694 Florida State, Board of Education, Capital Outlay, Public Education Project, Ser D, GO, 5.625%, 06/01/15, Callable 06/01/10 @ 101 1,235 1,373 Florida State, Board of Education, Capital Outlay, Ser C, GO, ETM, 7.100%, 06/01/07, Callable 06/01/05 @ 100 190 191
4 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FLORIDA--CONTINUED Florida State, Board of Education, Lottery Revenue, Ser A, RB, FGIC, 6.000%, 07/01/12 $ 1,295 $ 1,474 Florida State, Board of Education, Lottery Revenue, Ser A, RB, FGIC, 5.375%, 07/01/15, Callable 07/01/12 @ 101 3,500 3,870 Florida State, Board of Education, Lottery Revenue, Ser B, RB, FGIC, 5.500%, 07/01/12, Callable 07/01/10 @ 101 4,050 4,535 Florida State, Boynton Beach, Utility System Authority, RB, FGIC, 5.500%, 11/01/16 1,310 1,503 Florida State, Division of Bond Finance, Department of Environmental Protection & Preservation, Ser 2000-A, RB, FGIC, 5.375%, 07/01/11, Callable 07/01/09 @ 101 2,130 2,335 Florida State, Housing Financing Authority, Homeowner Mortgage Project, Ser 7, RB, AMT, FSA, 5.200%, 01/01/31, Callable 07/01/09 @ 100 490 505 Florida State, Turnpike Authority, Department of Transportation Project, Ser B, RB, AMBAC, 5.250%, 07/01/14, Callable 07/01/13 @ 101 2,215 2,472 Greater Orlando, Aviation Authority, Airport Facilities, RB, AMT, FGIC, 5.500%, 10/01/17 1,810 2,010 Hillsborough County, Community Improvement Tax, RB, AMBAC, 5.000%, 11/01/25 2,345 2,417 Hillsborough County, Industrial Development Authority, University Community Hospital Project, RB, MBIA, 6.500%, 08/15/19 145 178
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FLORIDA--CONTINUED Jacksonville, Electric Authority, Electrical Systems Project, Ser 3-A, RB, 5.250%, 10/01/13, Callable 10/01/07 @ 101 $ 1,000 $ 1,077 Jacksonville, Health Facilities Authority, Charity Obligation Group, Ser C, RB, 5.750%, 08/15/13, Prerefunded @ 101 (g) 3,090 3,471 Jacksonville, Sales Tax Revenue, RB, AMBAC, 5.500%, 10/01/13, Callable 10/01/11 @ 100 1,435 1,607 Jacksonville, Sales Tax Revenue, RB, AMBAC, 5.500%, 10/01/14, Callable 10/01/11 @ 100 1,200 1,340 Jacksonville, Sales Tax Revenue, RB, AMBAC, 5.500%, 10/01/15, Callable 10/01/11 @ 100 1,550 1,728 Lee County, Industrial Development Authority, Bonita Springs Utilities Project, RB, AMT, MBIA, 5.750%, 11/01/10, Callable 11/01/06 @ 101 1,480 1,572 Lee County, Memorial Health Systems Hospital, Ser A, RB, FSA, 5.750%, 04/01/15, Callable 04/01/12 @ 100 1,000 1,133 Lee County, Transportation Facility Authority, Ser A, RB, AMBAC, 5.500%, 10/01/13, Callable 10/01/11 @ 100 2,000 2,239 Lee County, Transportation Facility Authority, Ser B, RB, AMBAC, 5.000%, 10/01/12 2,000 2,203 Manatee County, Improvement Project, RB, FGIC, 5.000%, 10/01/23, Callable 10/01/14 @ 100 2,095 2,189 Miami, Parking Facilities Authority, RB, MBIA, 5.250%, 10/01/15 1,000 1,112
5 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) FLORIDA TAX-EXEMPT BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FLORIDA--CONTINUED Ocala, Capital Improvements, RB, AMBAC, 5.375%, 10/01/17, Callable 10/01/13 @ 100 $ 1,610 $ 1,779 Ocala, Capital Improvements, RB, AMBAC, 5.375%, 10/01/18, Callable 10/01/13 @ 100 1,700 1,874 Orange County, Health Facilities Authority, Ser C, RB, ETM, MBIA, 6.250%, 10/01/16 4,855 5,858 Orange County, School Board, Ser A, COP, MBIA, 5.500%, 08/01/18, Callable 08/01/12 @ 100 2,335 2,579 Osceola County, Tourist Development Tax Authority, Ser A, RB, FGIC, 5.500%, 10/01/15, Callable 10/01/12 @ 100 1,000 1,118 Palm Beach County, Criminal Justice Facility, RB, 5.000%, 06/01/15 1,865 2,044 Palm Beach County, Land Acquisition Program, Ser A, GO, 5.375%, 06/01/13, Callable 06/01/11 @ 100 2,260 2,505 Palm Beach County, Land Acquisition Program, Ser A, GO, 5.375%, 06/01/14, Callable 06/01/11 @ 100 1,050 1,167 Palm Beach County, Land Acquisition Program, Ser A, GO, 5.500%, 06/01/16, Callable 06/01/11 @ 100 1,200 1,333 Palm Beach County, School Board Authority, Ser C, COP, FSA, 5.500%, 08/01/14, Callable 08/01/12 @ 100 2,735 3,067 Palm Beach County, School Board Authority, Ser C, COP, FSA, 5.500%, 08/01/19, Callable 08/01/12 @ 100 3,305 3,642
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FLORIDA--CONTINUED Palm Beach County, Solid Waste Authority, Ser A, RB, ETM, AMBAC, 6.000%, 10/01/09 $ 300 $ 341 Pensacola, Airport Authority, Ser A, RB, AMT, AMBAC, 6.250%, 10/01/09 505 568 Pensacola, Airport Authority, Ser A, RB, AMT, MBIA, 6.000%, 10/01/12, Callable 10/01/08 @ 102 1,075 1,194 Plant City, Utility Systems Authority, Refunding & Improvements Project, RB, MBIA, 6.000%, 10/01/15 400 470 Polk County, School District Sales Tax Authority, RB, FSA, 5.250%, 10/01/15, Callable 10/01/14 @ 100 2,000 2,227 Polk County, Utility Systems Authority, RB, FGIC, 6.000%, 10/01/08 1,855 1,996 Port Orange, Water & Sewer Authority, RB, AMBAC, 5.000%, 10/01/16, Callable 10/01/12 @ 101 1,095 1,179 Reedy Creek, Improvements District, Ser 1, RB, MBIA, 6.000%, 10/01/05 2,645 2,731 Tampa, Guaranteed Entitlement Authority, RB, AMBAC, 6.000%, 10/01/18 500 581 Tampa, Sales Tax Authority, Ser A, RB, AMBAC, 5.375%, 10/01/14, Callable 10/01/11 @ 101 1,640 1,828 -------- 116,199 -------- PUERTO RICO (23.9%) Puerto Rico Commonwealth Government Development Bank, RB, MBIA, 1.580%, 12/01/15 4,000 4,000 Puerto Rico Commonwealth Highway & Transportation Authority, RB, FGIC, 5.250%, 07/01/15, Callable 07/01/13 @ 100 5,860 6,486
6 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- PUERTO RICO--CONTINUED Puerto Rico Commonwealth Highway & Transportation Authority, Ser G, RB, FGIC, 5.250%, 07/01/15, Callable 07/01/13 @ 100 $ 3,000 $ 3,321 Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, FSA, 5.250%, 08/01/14, Callable 08/01/12 @ 100 6,965 7,731 Puerto Rico Commonwealth, Highway & Transportation Authority, Ser I, RB, FGIC, 5.000%, 07/01/23, Callable 07/01/14 @ 100 4,000 4,208 Puerto Rico Commonwealth, Municipal Finance Agency, Ser A, RB, FSA, 5.250%, 08/01/16, Callable 08/01/12 @ 100 1,020 1,122 Puerto Rico Commonwealth, Public Improvement Project, Ser A, GO, FSA, 5.000%, 07/01/14 6,500 7,199 Puerto Rico Commonwealth, Public Improvements Project, Ser B, GO, FGIC, 5.500%, 07/01/13 3,000 3,430
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- PUERTO RICO--CONTINUED Puerto Rico Commonwealth, Tax & Revenue Authority, 3.000%, 07/29/05 $ 5,000 $ 5,028 -------- 42,525 -------- Total Municipal Bonds (Cost $155,396) 158,724 -------- MONEY MARKET FUNDS (9.1%) Federated Tax-Free Obligations Fund 8,719,185 8,719 SEI Tax Exempt Trust, Institutional Tax Free Fund 7,433,842 7,434 -------- 16,153 -------- Total Money Market Funds (Cost $16,153) 16,153 -------- Total Investments (Cost $171,549) (a) -- 98.4% 174,877 Other assets in excess of liabilities -- 1.6% 2,833 -------- Net Assets -- 100.0% $177,710 ========
See notes to schedules of portfolio investments and notes to financial statements. 7 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) GEORGIA TAX-EXEMPT BOND FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MUNICIPAL BONDS (95.7%) GEORGIA (92.6%) Association County Commissioners of Georgia Leasing Program, Georgia Public Purpose Project, COP, 5.250%, 04/01/21, Callable 04/01/14 @ 102 $ 2,680 $ 2,894 Athens, Housing Authority, Student Housing Lease Project, RB, AMBAC, 5.250%, 12/01/21, Callable 12/01/12 @ 100 1,000 1,077 Atlanta, Airport Project, Ser A, RB, FSA, AMT, 5.375%, 01/01/19, Callable 07/01/14 @ 100 5,000 5,349 Augusta, Water & Sewer Authority, RB, FSA, 5.250%, 10/01/34, Callable 10/01/14 @ 100 1,000 1,044 Brunswick, Water & Sewer, Refunding & Improvement Project, RB, MBIA, 6.100%, 10/01/14 1,000 1,180 Burke County, Development Authority Pollution Control, Vogtle Project, RB, 1.850%, 10/01/32 (c) 650 650 Burke County, Development Authority, Pollution Control, Vogtle Project, RB, 1.800%, 10/01/32 (c) 2,285 2,285 Central Valdosta, Development Authority, Lowndes County Judicial Project, RB, 5.250%, 06/01/21, Callable 06/01/13 @ 102 1,885 2,027 Clarke County, Hospital Authority, Athens Regional Medical Center Project, RB, MBIA, 5.375%, 01/01/07 1,425 1,512 Cobb County, Development Authority University, Kennesaw State University Project, Ser A, RB, MBIA, 5.000%, 07/15/29, Callable 07/15/14 @ 100 2,000 2,032
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- GEORGIA--CONTINUED Cobb County, Development Authority, Kennesaw State University Project, RB, MBIA, 5.000%, 07/15/29, Continuously Callable 07/15/14 @ 100 $ 2,250 $ 2,286 Cobb-Marietta County, Coliseum & Exhibit Hall Project, RB, MBIA, 5.500%, 10/01/12 940 1,053 Cobb-Marietta County, Coliseum & Exhibit Hall, Performing Arts Center Project, RB, 5.000%, 01/01/22, Callable 01/01/14 @ 100 2,960 3,105 Dalton, Utilities, RB, MBIA, 6.000%, 01/01/08 3,240 3,569 Dougherty County, School District, Sales Tax Authority, GO, 4.000%, 03/01/07 2,000 2,072 Douglasville -- Douglas County, Water & Sewer Authority, RB, AMBAC, 5.625%, 06/01/15 1,390 1,568 Floyd County Georgia, School District, 4.000%, 08/01/07 (c) 2,000 2,081 Forsyth County, Hospital Authority, Baptist Health Care System Project, RB, ETM, 6.375%, 10/01/28 1,000 1,252 Fulton County, Development Authority, Molecular Science Building Project, RB, MBIA, 5.250%, 05/01/22, Callable 05/01/14 @ 100 2,370 2,541 Fulton County, Development Authority, Molecular Science Building Project, RB, MBIA, 5.250%, 05/01/27, Callable 05/01/14 @ 100 3,375 3,559 Fulton County, Water & Sewer, RB, FGIC, 5.000%, 01/01/24, Callable 01/01/14 @ 100 2,000 2,072 Georgia State, Municipal Electric Authority, RB, ETM, 8.000%, 01/01/15 1,900 2,506
8 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- GEORGIA--CONTINUED Georgia State, Private College & Universities Facilities Authority, Mercer University Project, RB, ETM, MBIA, 6.400%, 11/01/11 $ 1,675 $ 1,935 Georgia State, Ser B, GO, 6.250%, 04/01/06 2,850 2,999 Gwinnett County, Development Authority, Public Schools Project, COP, MBIA, 5.250%, 01/01/21, Callable 01/01/14 @ 100 2,910 3,116 Gwinnett County, Hospital Authority, Gwinnett Hospital Systems Project, Ser B, RB, 5.000%, 10/01/24, Callable 10/01/14 @ 100 1,250 1,287 Gwinnett County, Public Schools Project, COP, MBIA, 5.250%, 01/01/25, Callable 01/01/14 @ 100 1,500 1,584 Gwinnett County, School District, Ser B, GO, 6.400%, 02/01/07 1,500 1,629 Henry County, Hospital Authority, Henry Medical Center Project, RB, AMBAC, 5.500%, 07/01/08, Prerefunded 07/01/07 @ 102 (g) 1,640 1,800 Henry County, Water & Sewer, RB, AMBAC, 6.150%, 02/01/20 2,100 2,543 Henry County, Water & Sewer, RB, FGIC, 5.625%, 02/01/30, Callable 02/01/10 @ 101 1,750 1,895 Medical Center Hospital Authority, Columbus Regional Health Care System, RB, MBIA, 6.000%, 08/01/06, Prerefunded 08/01/05 @ 102 (g) 1,340 1,402 Metropolitan Atlanta, Rapid Transit Authority, Ser E, RB, ETM, 7.000%, 07/01/11 3,595 4,247 Metropolitan Atlanta, Rapid Transit Authority, Ser N, RB, 6.000%, 07/01/07 2,090 2,272
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- GEORGIA--CONTINUED Milledgeville-Baldwin County, Development Authority, Georgia College & State University Foundation, RB, 6.000%, 09/01/33, Callable 09/01/14 @ 101 $ 2,355 $ 2,477 Newnan, Hospital Authority, Newnan Hospital Project, RB, MBIA, 5.500%, 01/01/16, Callable 01/01/13 @ 100 2,435 2,673 Newnan, Hospital Authority, Newnan Hospital Project, RB, MBIA, 5.500%, 01/01/17, Callable 01/01/13 @ 100 2,570 2,813 Newton County, Water Authority, RB, MBIA, 5.000%, 07/01/23, Callable 07/01/14 @ 100 2,475 2,578 Oconee County, Industrial Development Authority, OIIT Project, RB, 5.250%, 07/01/18, Callable 07/01/13 @ 100 1,500 1,606 Oconee County, Industrial Development Authority, OIIT Project, RB, 5.250%, 07/01/23, Callable 07/01/13 @ 100 1,295 1,363 Paulding County, School District, GO, MBIA, 6.000%, 02/01/10 1,000 1,137 Paulding County, School District, Ser A, GO, 6.625%, 02/01/07 1,000 1,089 Paulding County, School District, Ser A, GO, 6.625%, 02/01/08 525 589 South Fulton, Municipal Regional Water & Sewer, RB, MBIA, 5.250%, 01/01/21, Callable 01/01/13 @ 100 1,600 1,711 Tift County, Hospital Authority, RB, AMBAC, 5.250%, 12/01/17, Callable 12/01/12 @ 101 1,965 2,118
9 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) GEORGIA TAX-EXEMPT BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- GEORGIA--CONTINUED Valdosta & Lowndes County, Hospital Authority, South Georgia Medical Center Project, RB, AMBAC, 5.250%, 10/01/27, Callable 10/01/12 @ 101 $ 1,110 $ 1,158 Vidalia, Water & Sewer, RB, ETM, 6.000%, 07/01/07 605 660 Walker, Dade & Catoosa Counties, Hutcheson Medical Project, Ser A, RB, FSA, 5.500%, 10/01/08, Callable 10/01/07 @ 102 1,370 1,495 -------- 97,890 -------- PUERTO RICO (3.1%) Puerto Rico Commonwealth, Public Buildings Authority, Government Facilities, Ser I, RB, 5.500%, 07/01/22, Callable 07/01/14 @ 100 3,000 3,227 -------- Total Municipal Bonds (Cost $97,804) 101,117 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MONEY MARKET FUNDS (4.1%) Federated Tax-Free Obligations Fund 3,441,363 $ 3,441 SEI Tax Exempt Trust, Institutional Tax Free Fund 943,796 944 -------- 4,385 -------- Total Money Market Funds (Cost $4,385) 4,385 -------- Total Investments (Cost $102,188) (a) -- 99.8% 105,502 Other assets in excess of liabilities -- 0.2% 213 -------- Net Assets -- 100.0% $105,715 ========
See notes to schedules of portfolio investments and notes to financial statements. 10 (Unaudited) HIGH INCOME FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- CORPORATE BONDS (81.1%) ADVERTISING (0.7%) R.H. Donnelley Corp., 8.875%, 12/15/10, Callable 12/15/06 @ 104.438 $ 250 $ 280 R.H. Donnelley Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44 250 299 R.H. Donnelley Financial Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44 250 299 -------- 878 -------- AGRICULTURE (1.0%) Seminis, Inc., 10.250%, 10/01/13, Callable 10/01/08 @ 105.13 1,000 1,130 -------- AUTO PART & EQUIPMENT (0.1%) Tenneco Automotive, Inc., 8.675%, 11/15/14, Callable 11/15/09 @ 104.31 140 146 -------- CHEMICALS (3.4%) Equistar Chemicals LP, 10.625%, 05/01/11, Callable 05/01/07 @ 105.31 750 866 Huntsman International LLC, 11.625%, 10/15/10, Callable 10/15/07 @ 105.81 1,750 2,083 Lyondell Chemical Co., Ser A, 9.625%, 05/01/07 500 551 MacDermid, Inc., 9.125%, 07/15/11, Callable 07/15/06 @ 104.56 500 553 -------- 4,053 -------- DIVERSIFIED FINANCIAL SERVICES (7.1%) Aac Group Holding Corp., 11.615%, 10/01/12, Callable 10/01/08 @ 105.13, (b) (h) 2,600 1,755 Consolidated Communication Holdings, 9.750%, 04/01/12, Callable 04/01/08 @ 104.88 250 266 eircom Group PLC, 8.250%, 08/15/13, Callable 08/15/08 @ 104.125 250 278 K&F Acquisition, Inc., 7.750%, 11/15/14, Callable 11/15/09 @ 103.88 750 767
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Rainbow National Services LLC, 10.375%, 09/01/14, Callable 09/01/09 @ 105.19 $ 2,000 $ 2,119 RMCC Acquisition Co., 9.500%, 11/01/12, Callable 11/01/08 @ 104.75 2,000 2,010 UGS Corp., 10.000%, 06/01/12, Callable 06/01/08 @ 105.00 1,000 1,140 -------- 8,335 -------- ELECTRIC (6.4%) Aquila, Inc., 14.875%, 07/01/12 (c) 2,250 3,127 Calpine Generating Co., 11.500%, 04/01/11 1,000 925 MSW Energy Holdings, 7.375%, 09/01/10, Callable 09/01/07 @ 103.69 500 528 MSW Energy Holdings, 8.500%, 09/01/10, Callable 09/01/07 @ 104.25 250 275 PSEG Energy Holdings, 10.000%, 10/01/09 1,550 1,859 Sithe/Independence Funding Corp., Ser A, 9.000%, 12/30/13 750 826 -------- 7,540 -------- ELECTRONICS (0.7%) Sanmina Corp., 10.375%, 01/15/10, Callable 01/15/07 @ 105.19 750 863 -------- ENTERTAINMENT (2.0%) Argosy Gaming Co., 9.000%, 09/01/11, Callable 09/01/06 @ 104.50 1,000 1,128 Six Flags, Inc., 9.750%, 04/15/13, Callable 04/15/08 @ 104.88 (e) 1,250 1,237 -------- 2,365 -------- FOOD (3.1%) Merisant Co., 9.750%, 07/15/13, Callable 07/15/08 @ 104.75 950 855 PSF Group Holdings, Inc., 9.250%, 06/15/11, Callable 06/15/06 @ 104.63 500 530
11 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) HIGH INCOME FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FOOD--CONTINUED Roundy's, Inc., Ser B, 8.875%, 06/15/12, Callable 06/15/07 @ 104.44 $ 500 $ 550 Stater Brothers Holdings, Inc., 8.125%, 06/15/12, Callable 06/15/08 @ 104.06 500 528 Swift Energy Co., 12.500%, 01/01/10, Callable 10/01/06 @ 106.25 1,000 1,126 -------- 3,589 -------- FOREST PRODUCTS & PAPER (5.5%) Appleton Papers, Inc., 8.125%, 06/15/11, Callable 06/15/08 @ 104.06 500 539 Appleton Papers, Inc., Ser B, 9.750%, 06/15/14, Callable 06/15/09 @ 104.88 1,500 1,654 Georgia-Pacific Corp., 8.125%, 05/15/11 500 576 Georgia-Pacific Corp., 9.500%, 12/01/11 2,000 2,485 Neenah Paper, Inc., 7.375%, 11/15/14, Callable 11/15/09 @ 103.69 1,250 1,269 -------- 6,523 -------- HEALTHCARE -- PRODUCTS (3.1%) MQ Associates, Inc., 13.359%, 08/15/12, Callable 08/15/08 @ 109.00 (b) (c) (h) 2,875 2,041 Universal Hospital Services, 10.125%, 11/01/11, Callable 11/01/07 @ 105.06 1,500 1,583 -------- 3,624 -------- HEALTHCARE -- SERVICES (8.8%) HCA, Inc., 7.500%, 11/15/95 2,500 2,286 HealthSouth Corp., 10.750%, 10/01/08, Callable 01/18/05 @ 105.38 (e) 2,000 2,095 Iasis Healthcare Corp., 8.750%, 06/15/14, Callable 06/15/09 @ 104.38 1,750 1,903 National Mentor, Inc., 9.625%, 12/01/12, Callable 12/01/08 @ 104.81 1,000 1,055 Pacificare Health Systems, Inc., 10.750%, 06/01/09, Callable 06/01/06 @ 105.38 975 1,121
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- HEALTHCARE -- SERVICES--CONTINUED United Surgical Partners, Inc., 10.000%, 12/15/11, Callable 12/15/06 @ 105.00 $ 1,710 $ 1,949 -------- 10,409 -------- INSURANCE (0.9%) AFC Capital Trust I, Ser B, 8.207%, 02/03/27 1,000 1,019 -------- LODGING (0.5%) MGM Mirage, Inc., 9.750%, 06/01/07 500 554 -------- MACHINERY DIVERSIFIED (1.9%) Cummins, Inc., 9.500%, 12/01/10, Callable 12/01/06 @ 104.75 500 569 NMGH Holding Co., 10.000%, 05/15/09, Callable 05/15/06 @ 105.00 1,500 1,657 -------- 2,226 -------- MEDIA (5.7%) Charter Communications Holding Co. LLC, 8.625%, 04/01/09, Callable 01/18/05 @ 104.31 1,500 1,245 Dex Media, Inc., 8.500%, 11/15/13, Callable 11/15/08 @ 104.50 (b) (h) 1,500 1,151 EchoStar Communications Corp., 6.375%, 10/01/11 500 511 EchoStar DBS Corp., 9.125%, 01/15/09, Callable 01/15/06 @ 104.56 1,825 2,010 Houghton Mifflin Co., 12.529%, 10/15/13 (b) (h) 2,500 1,778 -------- 6,695 -------- METAL FABRICATE/HARDWARE (3.0%) Mueller Holdings, Inc., 11.152%, 04/15/14, Callable 04/15/09 @ 107.38 (b) (h) 3,000 2,025 TriMas Corp., 9.875%, 06/15/12, Callable 06/15/07 @ 104.94 1,500 1,553 -------- 3,578 --------
12 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MISCELLANEOUS MANUFACTURER (1.4%) Borden Chemical, Inc., 8.375%, 04/15/16, Callable 04/15/06 @ 100.00 $ 1,500 $ 1,350 Koppers, Inc., 9.875%, 10/15/13, Callable 10/15/08 @ 104.94 250 283 -------- 1,633 -------- OFFICE/BUSINESS EQUIPMENT (2.6%) Xerox Capital Trust, 8.000%, 02/01/27, Callable 02/01/07 @ 102.45 1,900 1,933 Xerox Corp., 9.750%, 01/15/09 1,000 1,170 -------- 3,103 -------- OIL & GAS (2.2%) AmeriGas Partners LLP, 8.875%, 05/20/11, Callable 05/20/06 @ 104.44 500 545 Chesapeake Energy Corp., 9.000%, 08/15/12, Callable 08/15/07 @ 104.50 1,000 1,150 Swift Energy Co., 9.375%, 05/01/12, Callable 05/01/07 @ 104.69 750 848 -------- 2,543 -------- PACKAGING & CONTAINERS (3.3%) Berry Plastics Corp., 10.750%, 07/15/12, Callable 07/15/07 @ 105.38 1,000 1,145 Plastipak Holdings, Inc., 10.750%, 09/01/11, Callable 09/01/06 @ 105.38 1,000 1,120 Stone Container Corp., 9.250%, 02/01/08 1,500 1,665 -------- 3,930 -------- PIPELINES (2.7%) Dynegy Holdings, Inc., 10.125%, 07/15/13, Callable 07/15/08 @ 105.06 1,000 1,168 Williams Co., Inc. (The), 8.750%, 03/15/32 1,750 2,021 -------- 3,189 -------- REAL ESTATE (0.2%) CB Richard Ellis Group, Inc., 9.750%, 05/15/10, Callable 05/15/07 @ 104.88 163 186 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- REITS (0.5%) Host Marriott LP, Ser G, 9.250%, 10/01/07 $ 250 $ 278 Ventas Realty LP, 9.000%, 05/01/12 250 289 -------- 567 -------- RETAIL (2.4%) AutoNation, Inc., 9.000%, 08/01/08 1,500 1,709 Office Depot, Inc., 10.000%, 07/15/08 500 598 Sonic Automotive, Inc., Ser B, 8.625%, 08/15/13, Callable 08/15/08 @ 104.31 500 538 -------- 2,845 -------- SEMICONDUCTORS (0.9%) Fairchild Semiconductor Corp., 5.000%, 11/01/08, Callable 01/06/05 @ 102.25 1,000 1,006 -------- TELECOMMUNICATIONS (11.0%) AT&T Corp., 8.750%, 11/15/31 1,750 2,027 Citizens Communications Co., 9.250%, 05/15/11 2,000 2,324 FairPoint Communications, Inc., 11.875%, 03/01/10, Callable 03/01/07 @ 105.938 250 284 GCI, Inc., 7.250%, 02/15/14, Callable 02/15/09 @ 103.63 1,250 1,250 Nextel Communications, 6.875%, 10/31/13, Callable 10/31/08 @ 103.44 1,200 1,296 Panamsat Corp., 9.000%, 08/15/14, Callable 08/15/09 @ 104.50 1,450 1,552 Qwest Corp., 9.125%, 03/15/12 1,750 1,991 Rogers Wireless, Inc., 6.375%, 03/01/14 2,300 2,242 -------- 12,966 -------- Total Corporate Bonds (Cost $92,284) 95,495 -------- PREFERRED STOCKS (0.9%) REITS (0.9%) Health Care REIT, Inc., Ser F 40,000 1,016 iStar Financial, Inc., Ser I 1,300 33 -------- Total Preferred Stocks (Cost $1,033) 1,049 --------
13 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) HIGH INCOME FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- YANKEE DOLLAR (13.7%) BUILDING MATERIALS (1.5%) Ainsworth Lumber Co., 7.250%, 10/01/12, Callable 10/01/08 @ 103.63 $ 1,750 $ 1,750 -------- ELECTRIC (1.3%) Electricidad de Caracas Finance BV, 10.250%, 10/15/14, Callable 10/15/09 @ 105.13 1,500 1,575 -------- FOOD (0.9%) Burns, Philp Capital Property, 9.750%, 07/15/12, Callable 07/15/07 @ 104.88 1,000 1,108 -------- INSURANCE (1.0%) Fairfax Financial Holdings Ltd., 8.300%, 04/15/26 1,250 1,228 -------- LODGING (0.5%) Kerzner International Ltd., 8.875%, 08/15/11, Callable 08/15/06 @ 104.44 500 549 -------- MEDIA (4.5%) Advertising Directory Solutions, 9.250%, 11/15/12, Callable 11/15/05 @ 103.00 2,000 2,090 Kabel Deutschland GMBH, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31 2,750 3,162 -------- 5,252 -------- TELECOMMUNICATIONS (2.3%) Inmarsat Finance PLC, 10.375%, 11/15/12, Callable 11/15/08 @ 105.19 2,075 1,432 National Cable PLC, 6.070%, 10/15/12, Callable 04/15/05 @ 103.00 (c) 1,000 1,030
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- TELECOMMUNICATIONS--CONTINUED Rogers Wireless, Inc., 7.250%, 12/15/12 $ 185 $ 192 -------- 2,654 -------- TRANSPORTATION (1.7%) Ultrapetrol Ltd., 9.000%, 11/24/14, Callable 11/24/09 @ 104.50 2,000 2,000 -------- Total Yankee Dollar (Cost $15,351) 16,116 -------- SHORT-TERM INVESTMENTS (2.8%) Boston Global Investment Trust -- Enhanced Portfolio (f) 3,299,010 3,299 -------- Total Short-Term Investments (Cost $3,299) 3,299 -------- REPURCHASE AGREEMENTS (2.6%) Merrill Lynch, 1.995% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $3,001,832 (collateralized by GNMA Obligations; total market value $3,063,637) $ 3,002 3,002 -------- Total Repurchase Agreements (Cost $3,002) 3,002 -------- Total Investments (Cost $114,969) (a) -- 101.1% 118,961 Liabilities in excess of other assets -- (1.1)% (1,305) -------- Net Assets -- 100.0% $117,656 ========
See notes to schedules of portfolio investments and notes to financial statements. 14 (Unaudited) INVESTMENT GRADE BOND FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- CORPORATE BONDS (38.5%) AUTO MANUFACTURERS (3.0%) American Honda Finance, 3.850%, 11/06/08 $ 2,130 $ 2,116 DaimlerChrysler AG, 8.500%, 01/18/31 1,240 1,496 Ford Motor Co., 7.450%, 07/16/31 8,990 5,470 General Motors Corp., 8.375%, 07/15/33 8,746 5,568 -------- 17,926 -------- BANKS (1.9%) Bank of America Corp., 7.400%, 01/15/11 4,850 5,602 Bank One Corp., 7.625%, 08/01/05 2,315 2,389 Wachovia Corp., 7.550%, 08/18/05 2,485 2,568 Wells Fargo & Co., 4.800%, 07/29/05 805 815 -------- 11,374 -------- BEVERAGES (0.4%) Miller Brewing Co., 4.250%, 08/15/08 (d) 2,130 2,142 -------- BUILDING MATERIALS (0.4%) American Standard, Inc., 7.625%, 02/15/10 2,170 2,468 -------- COMPUTERS (0.1%) NCR Corp., 7.125%, 06/15/09 770 844 -------- COSMETICS/PERSONAL CARE (0.2%) Gillette Co., 3.750%, 12/01/04 (d) 1,065 1,065 -------- DIVERSIFIED FINANCIAL SERVICES (8.1%) Capital One Bank, 5.125%, 02/15/14 3,750 3,702 CIT Group, Inc., 5.750%, 09/25/07 1,870 1,965 CIT Group, Inc., 5.500%, 11/30/07 1,350 1,412 CIT Group, Inc., 5.125%, 09/30/14 1,135 1,122 Citigroup, Inc., 5.125%, 05/05/14 2,715 2,747 Citigroup, Inc., 5.875%, 02/22/33 2,485 2,473 Fund American Cos., Inc., 5.875%, 05/15/13 2,915 2,924
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Goldman Sachs Group, Inc., 3.875%, 01/15/09 $ 2,115 $ 2,100 Goldman Sachs Group, Inc., 4.750%, 07/15/13 2,325 2,273 Goldman Sachs Group, Inc., 6.345%, 02/15/34 2,120 2,144 Household Finance Corp., 7.625%, 05/17/32 2,420 2,954 International Lease Finance Corp., 4.750%, 07/01/09 4,200 4,269 J.P. Morgan Chase & Co., 6.625%, 03/15/12 6,375 7,089 John Deere Capital Corp., 3.900%, 01/15/08 1,240 1,246 MBNA Corp., 7.500%, 03/15/12 1,455 1,667 Merrill Lynch & Co., Inc., 3.700%, 04/21/08 970 965 Merrill Lynch & Co., Inc., 5.000%, 01/15/15 2,665 2,621 Morgan Stanley, 5.300%, 03/01/13 5,175 5,277 -------- 48,950 -------- ELECTRIC (3.8%) CalEnergy Co., Inc., 7.520%, 09/15/08 1,595 1,768 Carolina Power & Light, 6.500%, 07/15/12 850 933 Cincinnati Gas & Electric Co., 5.700%, 09/15/12 1,065 1,114 Dominion Resources, Inc., Ser B, 7.625%, 07/15/05 1,595 1,641 Dominion Resources, Inc., Ser E, 6.750%, 12/15/32 1,440 1,540 Entergy Gulf States, Inc., 5.200%, 12/03/07, Callable 12/01/04 @ 100.00 435 435 Entergy Gulf States, Inc., 4.875%, 11/01/11, Callable 11/01/06 @ 100.00 2,100 2,070 Florida Power & Light, Co., 6.875%, 12/01/05 4,863 5,046 Oncor Electric Delivery, 7.000%, 05/01/32 1,240 1,398
15 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) INVESTMENT GRADE BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- ELECTRIC--CONTINUED Pacific Gas & Electric Co., 6.050%, 03/01/34 $ 3,945 $ 3,976 Westar Energy, Inc., 7.875%, 05/01/07 2,485 2,710 -------- 22,631 -------- FOREST PRODUCTS & PAPER (0.9%) International Paper Co., 5.500%, 01/15/14 2,015 2,054 Weyerhaeuser Co., 6.750%, 03/15/12 1,595 1,789 Weyerhaeuser Co., 7.375%, 03/15/32 1,065 1,231 -------- 5,074 -------- GAS (0.3%) Sempra Energy, 4.750%, 05/15/09 1,595 1,615 -------- HEALTHCARE -- SERVICES (0.7%) Anthem Insurance Cos., Inc., 9.000%, 04/01/27 1,730 2,334 WellPoint Health Networks, Inc., 6.375%, 06/15/06 1,595 1,664 -------- 3,998 -------- HOME BUILDERS (0.5%) Lennar Corp., 5.950%, 03/01/13 1,240 1,297 Pulte Homes, Inc., 4.875%, 07/15/09 1,950 1,964 -------- 3,261 -------- HOUSEHOLD PRODUCTS/WARES (0.4%) Dial Corp., 7.000%, 08/15/06 2,305 2,441 -------- INSURANCE (2.2%) Berkshire Hathaway Financial, Inc., 3.375%, 10/15/08 4,725 4,650 MetLife, Inc., 5.250%, 12/01/06 1,420 1,467 Monumental Global Funding, 5.200%, 01/30/07 (d) 3,545 3,686 Prudential Financial, Inc., 3.750%, 05/01/08 1,320 1,307 Prudential Financial, Inc., 5.100%, 09/20/14 2,060 2,035 -------- 13,145 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- INVESTMENT COMPANIES (0.5%) Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 $ 2,430 $ 2,697 -------- LEISURE TIME (0.4%) GTECH Holdings Corp., 4.750%, 10/15/10 1,065 1,059 Harley Davidson Funding, 3.625%, 12/15/08 (d) 1,595 1,571 -------- 2,630 -------- LODGING (0.1%) Marriott International, Inc., Ser C, 7.875%, 09/15/09 530 605 -------- MEDIA (3.5%) British Sky Broadcasting Group PLC, 6.875%, 02/23/09 2,660 2,909 Comcast Corp., 7.125%, 06/15/13 4,435 5,018 Cox Communications, Inc., 4.625%, 06/01/13 2,320 2,161 News America Holdings, Inc., 9.250%, 02/01/13 2,130 2,724 R.R. Donnelley & Sons, 3.750%, 04/01/09 (d) 2,485 2,436 Time Warner, Inc., 6.750%, 04/15/11 1,485 1,654 Time Warner, Inc., 7.625%, 04/15/31 1,950 2,285 Univision Communications, Inc., 7.850%, 07/15/11 1,420 1,648 -------- 20,835 -------- MINING (1.5%) Barrick Gold Finance, Inc., 7.500%, 05/01/07 885 961 Codelco, Inc., 5.500%, 10/15/13 2,835 2,909 Inco Ltd., 7.750%, 05/15/12 4,080 4,789 -------- 8,659 -------- MISCELLANEOUS MANUFACTURER (2.1%) General Electric Co., 5.000%, 02/01/13 10,115 10,269 Tyco International Group SA, 6.000%, 11/15/13 1,010 1,087 Tyco International Group SA, 6.875%, 01/15/29 975 1,094 -------- 12,450 --------
16 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- OIL & GAS (2.5%) BP Capital Markets PLC, 4.000%, 04/29/05 $ 2,985 $ 3,004 ConocoPhillips, 6.375%, 03/30/09 995 1,085 ConocoPhillips, 8.750%, 05/25/10 2,070 2,520 Devon Financing Corp., 7.875%, 09/30/31 1,485 1,828 Enterprise Products Operating LP, Ser B, 6.875%, 03/01/33 1,855 1,910 Motiva Enterprises LLC, 5.200%, 09/15/12 (d) 1,195 1,215 PennzEnergy Co., 10.250%, 11/01/05 355 375 XTO Energy, Inc., 6.250%, 04/15/13 2,485 2,693 -------- 14,630 -------- PACKAGING & CONTAINERS (0.3%) Packaging Corp. of America, 5.750%, 08/01/13 1,595 1,626 -------- PIPELINES (1.2%) Centerpoint Energy Resources, 7.875%, 04/01/13 3,015 3,543 K N Capital Trust III, 7.630%, 04/15/28 2,210 2,420 Kinder Morgan, Inc., 7.250%, 03/01/28 1,065 1,182 -------- 7,145 -------- REITS (0.2%) Simon Property Group LP, 6.375%, 11/15/07 965 1,030 -------- SAVINGS & LOANS (0.3%) Golden West Financial Corp., 4.125%, 08/15/07 2,000 2,027 -------- TELECOMMUNICATIONS (2.4%) Deutsche Telekom International Finance, 9.250%, 06/01/32 1,420 1,976 SBC Communications, Inc., 5.625%, 06/15/16 400 407 SBC Communications, Inc., 6.450%, 06/15/34 2,245 2,317 Sprint Capital Corp., 8.750%, 03/15/32 4,080 5,255
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- TELECOMMUNICATIONS--CONTINUED Telus Corp., 8.000%, 06/01/11 $ 1,950 $ 2,282 Verizon Global Funding Corp., 7.750%, 12/01/30 1,710 2,055 -------- 14,292 -------- TRANSPORTATION (0.6%) FedEx Corp., 3.500%, 04/01/09 3,545 3,450 -------- Total Corporate Bonds (Cost $226,054) 229,010 -------- FOREIGN GOVERNMENT BONDS (1.1%) MEXICO (1.1%) United Mexican States, 8.300%, 08/15/31 6,000 6,795 -------- Total Foreign Government Bonds (Cost $6,578) 6,795 -------- U.S. GOVERNMENT AGENCIES (2.5%) GINNIE MAE (2.5%) 8.500%, 04/15/31 3,708 4,051 8.000%, 08/15/31 5,077 5,521 8.000%, 09/15/31 4,803 5,223 -------- Total U.S. Government Agencies (Cost $14,273) 14,795 -------- U.S. TREASURY OBLIGATIONS (57.0%) U.S. TREASURY BONDS (6.5%) 5.375%, 02/15/31 (e) 36,495 38,411 -------- U.S. TREASURY INFLATION PROTECTED BONDS (10.5%) 1.875%, 07/15/13 41,875 44,230 3.875%, 04/15/29 11,835 18,062 -------- 62,292 -------- U.S. TREASURY NOTES (40.0%) 1.625%, 01/31/05 21,010 20,994 1.500%, 02/28/05 33,095 33,045 1.625%, 04/30/05 35,745 35,643 3.500%, 11/15/06 57,560 58,100 2.875%, 11/30/06 21,985 21,925 3.125%, 05/15/07 46,505 46,483 3.500%, 11/15/09 10,870 10,771 3.875%, 02/15/13 8,615 8,411 4.250%, 11/15/14 2,605 2,583 -------- 237,955 -------- Total U.S. Treasury Obligations (Cost $336,874) 338,658 --------
17 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) INVESTMENT GRADE BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- SHORT-TERM INVESTMENTS (4.8%) Boston Global Investment Trust -- Enhanced Portfolio (f) 28,502,500 $ 28,503 -------- Total Short-Term Investments (Cost $28,503) 28,503 -------- MONEY MARKET FUNDS (4.3%) Federated Prime Value Money Market Fund 25,653,182 25,653 -------- Total Money Market Funds (Cost $25,653) 25,653 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- REPURCHASE AGREEMENTS (6.1%) Morgan Stanley, 2.005%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $35,992,406 (collateralized by FNMS obligations; total market value $36,681,928 $ 35,990 $ 35,990 -------- Total Repurchase Agreements (Cost $35,990) 35,990 -------- Total Investments (Cost $673,925) (a) -- 114.3% 679,404 Liabilities in excess of other assets -- (14.3)% (84,826) -------- Net Assets -- 100.0% $594,578 ========
See notes to schedules of portfolio investments and notes to financial statements. 18 (Unaudited) INVESTMENT GRADE TAX-EXEMPT BOND FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MUNICIPAL BONDS (93.0%) ALABAMA (7.8%) Alabama State Public School & College Authority, Ser C, RB, 5.750%, 07/01/17, Callable 07/01/09 @ 101.50 $ 3,950 $ 4,408 Alabama Water Pollution Control Authority, RB, 5.750%, 08/15/12, Callable 08/15/09 @ 100 5,205 5,799 Auburn University, RB, MBIA, 6.000%, 06/01/16, Callable 06/01/11 @ 100 4,060 4,633 Huntsville Alabama, Ser A, GO, 5.625%, 05/01/16, Callable 05/01/12 @ 102 2,375 2,654 Huntsville Alabama, Ser A, GO, 5.750%, 05/01/19, Callable 05/01/12 @ 102 2,800 3,159 -------- 20,653 -------- ARIZONA (2.1%) Arizona State University, RB, FGIC, 5.500%, 07/01/15, Callable 07/01/12 @ 100 1,665 1,854 Arizona Water Infrastructure Finance Authority, Ser A, RB, 5.625%, 10/01/12, Callable 10/01/09 @ 101 3,280 3,668 -------- 5,522 -------- CALIFORNIA (4.9%) California Infrastructure & Economic Development, RB, 5.000%, 10/01/15, Callable 10/01/12 @ 100 1,000 1,076 Fresno Unified School District, Ser A, GO, MBIA, 6.550%, 08/01/20, Callable 02/01/13 @ 103 1,950 2,368 Orange County California, COP, 6.000%, 06/01/21, Prerefunded 06/01/19 @ 100 (g) 2,075 2,447 San Diego County & School District, Ser A, GO, 3.250%, 07/25/05 2,000 2,016
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- CALIFORNIA--CONTINUED Santa Barbara County California, Ser A, RB, 3.000%, 07/26/05 $ 5,000 $ 5,031 -------- 12,938 -------- COLORADO (8.8%) Douglas County School District, No. RE-1, GO, FGIC, 5.750%, 12/15/20, Callable 12/15/14 @ 100 2,540 2,896 Larimer County School District, No. R-001, GO, FGIC, 6.000%, 12/15/16, Prerefunded 12/15/10 @ 100 (g) 3,000 3,465 Larimer County School District, No. R-001, GO, FGIC, 6.000%, 12/15/17, Prerefunded 12/15/10 @ 100 (g) 4,000 4,620 Metro Wastewater Reclaimation District, RB, 5.450%, 04/01/12, Callable 04/01/08 @ 100 2,570 2,785 Regional Transportation District, Ser B, RB, 5.500%, 11/01/17, Callable 11/01/12 @ 100 2,655 2,949 Westminster Colorado, RB, 5.600%, 12/01/16, Callable 12/01/07 @ 102 5,940 6,538 -------- 23,253 -------- CONNECTICUT (1.3%) University Of Connecticut, Ser A, GO, MBIA, 5.000%, 01/15/13 3,000 3,306 -------- FLORIDA (5.8%) Florida State Board of Education, Ser C, GO, 5.300%, 06/01/09, Callable 6/01/05 @ 101 7,395 7,585 Miami-Dade County School District, GO, MBIA, 5.000%, 08/01/05 4,420 4,507
19 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) INVESTMENT GRADE TAX-EXEMPT BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FLORIDA--CONTINUED Palm Beach County School Board, Ser C, COP, FSA, 5.500%, 08/01/15, Callable 08/01/12 @ 100 $ 2,825 $ 3,138 -------- 15,230 -------- GEORGIA (2.0%) Atlanta Georgia Airport Revenue, 5.000%, 01/01/25, Series G, Callable 01/01/15 @ 100 3,000 3,076 Gilmer County GA School District, GO, 5.000%, 04/01/09 2,000 2,174 -------- 5,250 -------- ILLINOIS (1.2%) Chicago, O'Hare International Airport, RB, 5.000%, 01/01/09 3,000 3,238 -------- INDIANA (0.9%) Indiana Transportation Finance Authority Highway, RB, Ser A, FGIC, 5.250%, 06/01/25, Callable 06/01/14 @ 100 2,250 2,381 -------- IOWA (0.9%) Des Moines Iowa Public Parking System, RB, FGIC, 6.375%, 06/01/18, Callable 06/01/10 @ 100 2,005 2,300 -------- KANSAS (2.6%) Sedgwick County Unified School District, No. 259, GO, MBIA, 5.500%, 09/01/12, Callable 09/01/10 @ 100 6,150 6,840 -------- MARYLAND (2.1%) Maryland State, GO, 5.000%, 02/01/09 5,000 5,445 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MASSACHUSETTS (2.7%) Massachusetts State Water Pollution Abatement Trust, RB, Ser 6, 5.625%, 08/01/16, Prefunded 08/01/10 @ 101 (g) $ 145 $ 161 Massachusetts State Water Pollution Abatement Trust, RB, Ser 6, 5.625%, 08/01/17, Prefunded @ 101 (g) 6,015 6,846 -------- 7,007 -------- MICHIGAN (2.2%) Michigan Municipal Bond Authority, RB, 5.375%, 10/01/17, Callable 10/01/12 @ 100 3,300 3,633 Otsego Michigan Public Schools District, GO, 5.000%, 05/01/23, Callable 05/01/14 @ 100 2,000 2,082 -------- 5,715 -------- MINNESOTA (1.1%) Metropolitan Council Minneapolis, GO, Ser A, 5.000%, 02/01/13 2,675 2,942 -------- MISSISSIPPI (1.0%) Jackson Public School District, Ser B, GO, 5.750%, 10/01/15, Callable 10/01/10 @ 100 2,275 2,553 -------- MISSOURI (6.3%) Missouri State Highways & Transit, Ser A, RB, 5.625%, 02/01/18, Callable 02/01/11 @ 100 8,885 9,871 Missouri State Highways & Transportation, RB, Ser A, 5.000%, 02/01/14, Callable 02/01/12 @ 100 6,135 6,645 -------- 16,516 --------
20 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- NEW JERSEY (2.3%) Elizabeth N.J., GO, MBIA, 5.250%, 08/15/08 $ 2,595 $ 2,785 NJ Casino Reinvestment Development Authority, RB, 5.250%, 01/01/20, Callable 01/01/15 @ 102 2,945 3,224 -------- 6,009 -------- NEW YORK (10.8%) Buffalo New York, Ser D, GO, FGIC, 5.500%, 12/15/14, Callable 12/15/11 @ 100 1,075 1,204 New York City Transitional Finance Authority, RB, SECD C, 5.500%, 11/01/29, Prerefunded 05/01/10 @ 101 (g) 2,000 2,260 New York State Dormitory Authority, Ser B, RB, MBIA, 6.500%, 10/01/17, Callable 10/01/12 @ 100 3,505 4,157 Tobacco Settlement Financing Corp., Ser A1, RB, 5.000%, 06/01/10, Callable 06/01/05 @ 100 3,215 3,260 Tobacco Settlement Financing Corp., Ser A1, RB, Ser C1, 5.250%, 06/01/13, Callable 06/01/08 @ 100 10,000 10,695 Tobacco Settlement Financing Corp., Ser C1, RB, 5.250%, 06/01/12, Callable 06/01/07 @ 100 6,720 7,134 -------- 28,710 -------- NORTH CAROLINA (1.7%) North Carolina State, GO, 5.00%. 05/01/13 4,000 4,423 -------- OHIO (1.4%) Ohio State Water Development Authority, RB, 5.700%, 06/01/08, Callable 06/01/05 @ 102 1,520 1,575 Ohio State Water Development Authority, RB, 5.375%, 12/01/17, Callable 06/01/12 @ 100 1,900 2,090 -------- 3,665 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- OKLAHOMA (1.0%) Oklahoma State Water, RB, 5.00%, 5.000%, 04/01/13 $ 2,500 $ 2,752 -------- PUERTO RICO (9.7%) Puerto Rico Commonwealth Government Development Bank, RB, MBIA, 1.580%, 12/01/15 7,000 7,000 Puerto Rico Commonwealth Highway & Transportation Authority, RB, FGIC, 5.250%, 07/01/15, Callable 07/01/13 @ 100 5,000 5,534 Puerto Rico Commonwealth Highway & Transportation Authority, Ser G, RB, FGIC, 5.250%, 07/01/15, Callable 07/01/13 @ 100 2,720 3,011 Puerto Rico Commonwealth Highway & Transportation, RB, FGIC, 5.250%, 07/01/17, Callable 07/01/13 @ 100 5,260 5,770 Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, FSA, 5.250%, 08/01/14, Callable 08/01/12 @ 100 4,000 4,440 -------- 25,755 -------- SOUTH CAROLINA (3.4%) Clemson University, RB, AMBAC, 6.250%, 05/01/15, Callable 05/01/09 @ 101 2,725 3,086 South Carolina State Public Service Authority, RB, Ser A, FSA, 5.000%, 01/01/09 5,300 5,745 -------- 8,831 -------- TEXAS (5.6%) Irving Texas Waterworks and Sewer, RB, 5.950%, 06/15/19, Callable 06/15/09 @ 100.50 1,460 1,627 Laredo Texas I S D Public Facilities Corp., RB, Ser A, AMBAC, 5.000%, 08/01/24, Callable 08/01/11 @ 100 1,000 1,012
21 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) INVESTMENT GRADE TAX-EXEMPT BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- TEXAS--CONTINUED Laredo Tex I S D Pub Fac Corp., RB, Ser C, AMBAC, 5.000%, 08/01/24, Callable 08/01/11 @ 100 $ 1,000 $ 1,012 Texas State, RB, 3.000%, 08/31/05 11,000 11,069 -------- 14,720 -------- VIRGINIA (1.8%) Virginia Commonwealth Transportation Board, RB, Ser A, 5.000%, 05/15/10 4,295 4,703 -------- WEST VIRGINIA (1.6%) West Virginia University, RB, Ser C, FGIC, 5.000%, 10/01/25, Callable 10/01/14 @ 100 2,000 2,063 West Virginia University, RB, Ser C, FGIC, 5.000%, 10/01/26, Callable 10/01/14 @ 100 2,000 2,051 -------- 4,114 -------- Total Municipal Bonds (Cost $240,525) 244,771 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MONEY MARKET FUNDS (9.3%) Federated Tax-Free Obligations Fund 12,794,175 $ 12,794 SEI Tax Exempt Trust, Institutional Tax Free Fund 11,621,648 11,622 -------- -------- Total Money Market Funds (Cost $24,416) 24,416 -------- REPURCHASE AGREEMENTS (2.1%) Merrill Lynch, 1.995% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $5,554,144 (collateralized by GNMA obligations; total market value $5,642,132) $ 5,554 5,554 -------- Total Repurchase Agreements (Cost $5,554) 5,554 -------- Total Investments (Cost $270,495) (a) -- 104.4% 274,741 Liabilities in excess of other assets -- (4.4)% (11,459) -------- Net Assets -- 100.0% $263,282 ========
See notes to schedules of portfolio investments and notes to financial statements. 22 (Unaudited) LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
- -------------------------------------------------------- Principal Amount Value - -------------------------------------------------------- U.S. GOVERNMENT AGENCIES (95.0%) FANNIE MAE (62.8%) 5.500%, 02/15/06 $15,000 $ 15,447 2.500%, 06/15/06 3,000 2,974 2.750%, 10/27/06 4,000 3,966 3.750%, 05/17/07, Callable 05/17/05 @ 100 10,000 10,020 6.500%, 12/01/08 4,766 5,006 7.500%, 09/01/12 8,900 9,458 6.500%, 06/01/13 918 975 6.000%, 09/01/13 1,650 1,733 4.000%, 11/01/13 12,669 12,539 4.500%, 03/01/14 21,422 21,744 6.000%, 09/01/16 10,524 11,055 6.500%, 10/01/16 1,360 1,442 5.500%, 12/01/16 4,403 4,550 8.500%, 04/01/17 60 67 6.000%, 08/01/17 2,849 2,986 6.000%, 10/01/17 1,987 2,083 6.000%, 10/01/17 5,540 5,806 6.000%, 11/01/17 7,916 8,297 4.500%, 05/01/19 14,104 14,024 6.000%, 05/01/19 6,392 6,700 6.000%, 06/01/19 7,806 8,183 5.500%, 07/01/19 10,861 11,214 5.500%, 07/01/19 4,607 4,757 5.500%, 03/01/24 9,093 9,270 7.000%, 05/01/32 9,882 10,484 6.500%, 12/01/32 6,688 7,022 5.500%, 04/01/33 6,410 6,490 3.173%, 05/01/33 (c) 9,214 9,280 3.997%, 05/01/33 (c) 9,721 9,810 4.072%, 06/01/33 (c) 15,232 15,264 4.126%, 08/01/33 (c) 19,185 19,168 6.000%, 11/01/33 3,485 3,602 6.000%, 02/01/34 9,481 9,798 6.000%, 04/01/34 17,622 18,207 3.253%, 05/01/34 (c) 13,557 13,460 4.596%, 05/01/34 (c) 4,008 4,056 4.034%, 06/01/34 (c) 6,893 6,868 4.268%, 06/01/34 (c) 6,739 6,760 -------- 314,565 -------- FREDDIE MAC (24.0%) 2.150%, 06/02/06 13,000 12,830 2.478%, 05/15/10 (c) 8,000 7,820 4.500%, 06/01/13 28,191 28,339 4.000%, 09/01/13 8,307 8,234 7.000%, 11/01/16 1,331 1,411 6.500%, 02/01/17 3,565 3,773
- -------------------------------------------------------- Principal Amount Value - -------------------------------------------------------- FREDDIE MAC--CONTINUED 6.000%, 07/01/17 $ 4,341 $ 4,551 4.500%, 11/01/18 8,655 8,617 4.500%, 01/01/19 24,367 24,260 6.500%, 09/01/32 5,359 5,622 3.346%, 07/01/33 (c) 6,475 6,552 4.119%, 05/01/34 (c) 8,008 7,916 -------- 119,925 -------- GINNIE MAE (8.2%) 9.000%, 11/15/17 114 127 8.000%, 06/15/30 730 794 8.000%, 09/15/30 463 503 8.000%, 12/15/30 1,125 1,223 8.000%, 12/15/30 113 123 8.500%, 04/15/31 447 488 7.000%, 07/15/31 621 660 8.000%, 08/15/31 951 1,034 7.000%, 09/15/31 1,463 1,557 8.000%, 09/15/31 1,726 1,877 6.000%, 12/15/31 2,980 3,087 5.500%, 12/15/32 5,843 5,956 3.750%, 01/20/34 23,639 23,449 -------- 40,878 -------- Total U.S. Government Agencies (Cost $475,949) 475,368 -------- REPURCHASE AGREEMENTS (4.9%) Merrill Lynch, 1.995%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $12,729,015 (collateralized by FNMA obligations; total market value $12,985,766) 12,728 12,728 Morgan Stanley, 2.005%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $11,900,141 (collateralized by FNMA obligations; total market value $12,379,028) 11,899 11,899 -------- Total Repurchase Agreements (Cost $24,627) 24,627 -------- Total Investments (Cost $500,576) (a) -- 99.9% 499,995 Other assets in excess of liabilities -- 0.1% 306 -------- Net Assets -- 100.0% $500,301 ========
See notes to schedules of portfolio investments and notes to financial statements. 23 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) MARYLAND MUNICIPAL BOND FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MUNICIPAL BONDS (96.3%) MARYLAND (92.6%) Annapolis, GO, 5.000%, 04/01/08 $ 1,000 $ 1,079 Anne Arundel County Special Obligation, RB, 5.125%, 07/01/22, Callable 07/01/14 @ 100 1,000 1,067 Baltimore County Revenue, Oak Crest Village Project, 1.680%, 01/01/29 (c) 300 300 Baltimore County, GO, 4.500%, 06/01/09 1,000 1,072 Baltimore Pollution Control, General Motors Project, RB, 5.350%, 04/01/08 660 696 Baltimore, GO, 7.000%, 10/15/10 1,365 1,640 Baltimore, Ser A, RB, 5.900%, 07/01/13, FGIC 900 1,047 Calvert County, GO, 5.000%, 07/15/08 1,000 1,083 Community Development Administration, Department Housing & Community Development, Ser 1, RB, 5.600%, 04/01/18, Callable 04/01/07 @ 101.50 280 297 Frederick County, GO, 5.250%, 07/01/11, Callable 07/01/09 @ 101 1,000 1,098 Howard County, GO, 5.250%, 08/15/14, Callable 02/15/12 @ 100 1,205 1,332 Howard County, GO, 5.250%, 08/15/13, Callable 02/15/12 @ 100 1,100 1,216 Maryland Community Development Administration, Department Housing & Community Development, Ser 2, RB, AMT, 4.700%, 04/01/11 1,000 1,049 Maryland Community Development Administration, Department Housing & Community Development, Ser 2001B, RB, AMT, 4.100%, 07/01/08, FHA/GNMA/ HUD 285 293
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MARYLAND--CONTINUED Maryland Community Development Administration, Department Housing & Community Development, Ser E, RB, 5.700%, 09/01/17, Callable 09/01/09 @ 100 $ 900 $ 937 Maryland Community Development Administration, Department Housing & Community Development, Ser F, RB, AMT, 5.900%, 09/01/19, Callable 09/01/09 @ 100 1,000 1,032 Maryland Economic Development Corp. Revenue, Chief College Park, Series-A, 1.670%, 06/01/32 (c) 375 375 Maryland Economic Development Corp., Economic Development Revenue, Chesapeake Bay Foundation, 1.680%, 11/01/23 (c) 240 240 Maryland Economic Development Corp., Lease Revenue, RB, 5.375%, 06/01/19, Callable 06/01/12 @ 100.50 1,000 1,084 Maryland Economic Development Corp., Student Housing, RB, 5.750%, 06/01/18, Callable 06/01/13 @ 100 475 515 Maryland Economic Development Corp., Student Housing, RB, 5.875%, 07/01/21, Callable 07/01/11 @ 101, ACA 250 266 Maryland Economic Development Corp., Student Housing, Ser A, RB, 5.625%, 10/01/23, Callable 10/01/13 @ 100 500 521 Maryland Economic Development Corp., Student Housing Revenue, Baltimore County Project, 1.680%, 11/01/31 (c) 635 635
24 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MARYLAND--CONTINUED Maryland Health & Higher Educational Facilities Authority Revenue, Johns Hopkins Parking Facilities, Series-B, 5.000%, 07/01/38, Callable 01/01/15 @ 100 $ 500 $ 508 Maryland Health & Higher Educational Facilities Authority, RB, 5.750%, 07/01/20, Callable 07/01/12 @ 100 500 537 Maryland Health & Higher Educational Facilities Authority, RB, 5.700%, 01/01/22, Callable 01/01/12 @ 100 510 537 Maryland Health & Higher Educational Facilities Authority, RB, 6.000%, 07/01/21, Callable 07/01/12 @ 100 250 268 Maryland Health & Higher Educational Facilities Authority, RB, 5.700%, 01/01/21, Callable 01/01/12 @ 100 480 508 Maryland Health & Higher Educational Facilities Authority, RB, 6.000%, 07/01/18, Callable 07/01/12 @ 100 1,035 1,121 Maryland Health & Higher Educational Facilities Authority, RB, 4.400%, 07/01/09 910 949 Maryland Health & Higher Educational Facilities Authority, RB, 5.000%, 11/15/28, Callable 11/15/13 @ 100 500 502 Maryland Health & Higher Educational Facilities Authority, RB, 5.375%, 07/01/25, Callable 07/01/14 @ 100 565 590
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MARYLAND--CONTINUED Maryland Health & Higher Educational Facilities Authority, RB, 6.500%, 07/01/26, Callable 07/01/10 @ 101 $ 400 $ 439 Maryland Health & Higher Educational Facilities Authority, RB, 6.000%, 12/01/24, Callable 06/01/10 @ 101 250 286 Maryland Health & Higher Educational Facilities Authority, RB, 5.750%, 07/01/21, Callable 07/01/11 @ 100 1,725 1,838 Maryland Health & Higher Educational Facilities Authority, RB, 5.500%, 07/01/36, Callable 07/01/14 @ 100 1,000 1,034 Maryland Health & Higher Educational Facilities Authority, RB, 5.500%, 07/01/13, Callable 07/01/12 @ 100 1,000 1,105 Maryland Health & Higher Educational Facilities Authority, RB, 6.000%, 07/01/05 100 102 Maryland Health & Higher Educational Facilities Authority, Ser B, RB, 5.000%, 04/01/08, Callable 04/01/06 @ 101 300 306 Maryland Stadium Authority, Sports Facilities Lease, RB, 5.800%, 03/01/26, Callable 03/01/06 @ 101 250 262 Maryland State, GO, 5.500%, 08/01/14 1,000 1,149 Maryland State, Ser 1, GO, 5.000%, 03/01/10, Callable 03/01/08 @ 101 1,000 1,080 Maryland State, Ser 2, GO, 5.250%, 07/15/12, Callable 07/15/09 @ 101 1,000 1,100 Maryland State, Ser 2, GO, 5.000%, 08/01/16, Callable 08/01/13 @ 100 1,425 1,542
25 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) MARYLAND MUNICIPAL BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MARYLAND--CONTINUED Montgomery County Economic Development, RB, 5.500%, 12/01/16, Callable 12/01/11 @ 100 $ 1,000 $ 1,081 Montgomery County Housing Opportunities Commission, Multifamily, Ser A, RB, 6.000%, 07/01/20, Callable 07/01/10 @ 100 990 1,051 Montgomery County Housing Opportunities Commission, Single Family Mortgage, Ser A, RB, 4.450%, 07/01/17, Callable 01/01/11 @ 100 280 285 Montgomery County Housing Opportunities Commission, Multifamily, Ser A, RB, 4.900%, 05/15/31, Callable 05/15/08 @ 100, FNMA 650 688 Northeast Waste Disposal Authority, Solid Waste, RB, AMT, 6.000%, 07/01/06 1,100 1,149 Prince Georges County Housing Authority, Multifamily, Ser A, RB, 7.000%, 04/15/19, Callable 11/01/04 @ 102 500 512 St. Mary's County, GO, 5.500%, 07/01/11 1,165 1,321 Talbot County, GO, 5.375%, 03/15/17, Callable 03/15/12 @ 101 1,000 1,095 Transportation Authority, Parking, Ser B, RB, AMT, 5.375%, 03/01/15, Callable 03/01/12 @ 101 1,000 1,077 ------- 42,896 -------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- PUERTO RICO (3.7%) Puerto Rico Housing Finance Authority, 5.000%, 12/01/18, Callable 12/01/13 @ 100 $ 485 $ 512 Puerto Rico Public Finance Corporation, Ser A, RB, 5.500%, 08/01/20, Prerefunded 08/01/11 @ 100 (d)(g) 500 566 Puerto Rico Housing Bank & Finance Agency, Single Family Mortgage, RB, AMT, 6.250%, 04/01/29, Callable 04/01/05 @ 102 625 641 ------- 1,719 ------- Total Municipal Bonds (Cost $43,203) 44,615 ------- MONEY MARKET FUNDS (3.7%) Federated Municipal Cash Trust 1,712,831 1,713 ------- Total Money Market Funds (Cost $1,713) 1,713 ------- Total Investments (Cost $44,916) (a) -- 100.0% 46,328 Other assets in excess of liabilities -- 0.0% 21 ------- Net Assets -- 100.0% $46,349 =======
See notes to schedules of portfolio investments and notes to financial statements. 26 (Unaudited) SHORT-TERM BOND FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- CORPORATE BONDS (49.4%) AUTO MANUFACTURERS (3.4%) Daimler Chrysler Auto Trust, Ser 2004-A, Class A2, 1.410%, 11/08/06 $ 4,361 $ 4,341 Daimler Chrysler National Holdings, 6.400%, 05/15/06 1,375 1,433 USAA Auto Owner Trust, Ser 2004-1, Class A3, 2.060%, 04/15/08 4,100 4,046 -------- 9,820 -------- AUTOMOBILE ABS (4.5%) Capital Auto Receivables Asset Trust, 3.580%, 10/16/06 4,500 4,522 Capital Auto Receivables Asset Trust, 2.640%, 03/17/08 3,350 3,338 Ford Credit Auto Owner Trust, 2.130%, 10/15/06 3,625 3,612 Honda Auto Receivables Owner Trust, 3.610%, 12/18/07 1,500 1,508 -------- 12,980 -------- BANKS (1.1%) Bank of America Corp., 5.250%, 02/01/07 3,015 3,126 -------- BEVERAGES (0.5%) Coca-Cola Enterprises, 5.250%, 05/15/07 1,370 1,425 -------- BUILDING MATERIALS (0.6%) Masco Corp., 6.750%, 03/15/06 1,600 1,673 -------- CREDIT CARD ABS (5.2%) Bank One Issuance Trust, 2.940%, 06/16/08 4,500 4,500 Citibank Credit Card Issuance Trust, 4.100%, 12/07/06 4,875 4,876 Citibank Credit Card Issuance Trust, 2.550%, 01/20/09 3,175 3,120 MBNA Credit Card Master Note Trust, 3.650%, 03/15/11 2,375 2,358 -------- 14,854 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES (18.8%) Bear Stearns & Co., Inc., 5.700%, 01/15/07 $ 2,225 $ 2,324 Boeing Capital Corp., 5.650%, 05/15/06 740 765 Capital One Financial Corp., 7.250%, 05/01/06 1,400 1,473 Citigroup, Inc., 4.125%, 02/21/06 3,905 3,945 Citigroup, Inc., 5.000%, 03/06/07 3,865 3,991 Countrywide Home Loan, Inc., Ser MTN, 5.500%, 08/01/06 3,125 3,228 Credit Suisse First Boston USA, Inc., 5.875%, 08/01/06 3,250 3,385 Ford Motor Credit Co., 6.875%, 02/01/06 2,150 2,222 Ford Motor Credit Co., 6.500%, 01/25/07 1,175 1,223 General Electric Capital Corp., 5.000%, 06/15/07 2,025 2,096 General Motors Acceptance Corp., 6.125%, 08/28/07 2,040 2,105 Goldman Sachs Group, Inc. (The), 7.625%, 08/17/05 2,860 2,958 Household Finance Corp., 5.750%, 01/30/07 2,560 2,676 International Lease Finance Corp., 3.500%, 04/01/09 1,125 1,089 JP Morgan Chase & Co., 5.250%, 05/30/07 3,010 3,130 KFW International Finance, Inc., 4.750%, 01/24/07 2,890 2,985 Lehman Brothers Holdings, Inc., 6.250%, 05/15/06 2,480 2,581 Merrill Lynch & Co., Inc., Ser B, 3.375%, 09/14/07 1,470 1,459 Morgan Stanley, 5.800%, 04/01/07 2,125 2,233 National Rural Utilities Cooperative Finance Corp., 3.000%, 02/15/06 4,160 4,151 Wachovia Corp., 6.800%, 06/01/05 3,825 3,900 -------- 53,919 --------
27 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) SHORT-TERM BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- ELECTRIC (1.4%) Alabama Power Co., Ser X, 3.125%, 05/01/08 $ 815 $ 795 American Electric Power Co., Inc., Ser A, 6.125%, 05/15/06 725 753 Dominion Resources, Inc., Ser B, 7.625%, 07/15/05 1,500 1,543 PG&E Corp., 2.720%, 04/03/06 (c) 773 774 -------- 3,865 -------- FOOD (1.2%) Conagra Foods, Inc., 7.500%, 09/15/05 1,690 1,751 Safeway, Inc., 6.150%, 03/01/06 1,575 1,625 -------- 3,376 -------- FOREST PRODUCTS & PAPER (0.3%) Weyerhaeuser Co., 6.125%, 03/15/07 882 930 -------- INSURANCE (2.0%) Allstate Corp., 7.875%, 05/01/05 2,880 2,940 Metlife, Inc., 3.911%, 05/15/05 1,525 1,534 Safeco Corp., 4.200%, 02/01/08 1,110 1,117 -------- 5,591 -------- MEDIA (2.3%) AOL Time Warner, Inc., 6.150%, 05/01/07 1,155 1,222 Comcast Cable Communications, 8.375%, 05/01/07 1,425 1,573 Univision Communications, Inc., 2.875%, 10/15/06 1,275 1,258 Viacom, Inc., 7.750%, 06/01/05 2,500 2,565 -------- 6,618 -------- OIL & GAS (1.1%) Anadarko Petroleum Corp., 3.250%, 05/01/08 1,610 1,578 Kerr-McGee Corp., 5.875%, 09/15/06 1,500 1,556 -------- 3,134 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- REITS (0.6%) Equity Office Properties Trust, 8.375%, 03/15/06 $ 1,505 $ 1,596 -------- TELECOMMUNICATIONS (6.4%) AT&T Wireless Services, Inc., 7.500%, 05/01/07 2,000 2,173 British Telecom PLC, 7.875%, 12/15/05 2,875 3,011 Deutsche Telekom Finance, 8.250%, 06/15/05 3,000 3,085 Satellite Telecom, 5.250%, 11/01/08 805 765 SBC Communications, Inc., 5.750%, 05/02/06 1,560 1,613 SBC Communications, Inc., 4.125%, 09/15/09 740 733 Verizon Global Funding Corp., 6.125%, 06/15/07 1,633 1,731 Verizon Wireless, Inc., 5.375%, 12/15/06 2,000 2,076 Vodafone Group PLC, 7.625%, 02/15/05 3,125 3,156 -------- 18,343 -------- Total Corporate Bonds (Cost $141,315) 141,250 -------- FOREIGN GOVERNMENT BONDS (2.2%) CANADA (2.2%) Province of Ontario, 7.000%, 08/04/05 4,000 4,116 Quebec Province, 5.500%, 04/11/06 2,000 2,063 -------- Total Foreign Government Bonds (Cost $6,045) 6,179 -------- U.S. GOVERNMENT AGENCIES (38.7%) FANNIE MAE (15.8%) 2.625%, 01/19/07, Callable 01/19/05 @ 100 4,625 4,565 3.750%, 05/17/07, Callable 05/17/05 @ 100 (c) 3,875 3,883 6.942%, 08/01/07 1,457 1,544 3.000%, 08/15/07 7,390 7,311 6.070%, 10/01/08, Ser 380727 (c) 1,956 2,041 3.810%, 12/01/08, Ser 766065 (c) 3,180 3,169 3.125%, 03/16/09, Callable 03/16/06 @ 100 1,625 1,573 6.850%, 08/01/09, Ser 381858 3,196 3,496
28 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FANNIE MAE--CONTINUED 4.000%, 11/25/16 $ 2,164 $ 2,165 3.173%, 05/01/33 3,440 3,465 3.725%, 09/01/33 2,416 2,465 3.634%, 10/01/33 2,957 3,058 4.346%, 03/01/34 (c) 3,486 3,480 4.359%, 03/01/34 (c) 3,023 3,033 -------- 45,248 -------- FEDERAL HOME LOAN BANK (7.3%) 3.250%, 08/15/05, Ser 322 5,885 5,910 2.500%, 03/15/06, Ser 392 14,000 13,913 2.625%, 05/15/07, Ser DQ07 1,125 1,106 -------- 20,929 -------- FREDDIE MAC (13.6%) 4.250%, 06/15/05 5,825 5,879 2.500%, 11/25/05 1,920 1,906 2.375%, 12/15/05 6,000 5,967 3.050%, 01/19/07, Callable 01/19/05 @ 100 3,725 3,710 2.375%, 02/15/07 2,425 2,379 2.400%, 03/29/07, Callable 03/29/05 @ 100 4,000 3,920 4.000%, 07/01/08 3,131 3,149 3.375%, 04/15/09 (e) 1,620 1,593 5.000%, 05/15/11 1,011 1,015 3.750%, 12/15/11, Ser 2890, Class AB 2,955 2,950 4.500%, 08/15/19, Ser 2890, Class AB 150 150 3.346%, 07/01/33 3,237 3,276 5.009%, 04/01/34 2,801 2,819 -------- 38,713 -------- SALLIE MAE (2.0%) 2.080%, 09/15/06 (c) 5,800 5,815 -------- Total U.S. Government Agencies (Cost $111,449) 110,705 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- U.S. TREASURY OBLIGATIONS (8.1%) U.S. TREASURY NOTES (8.1%) 2.750%, 07/31/06 $ 3,000 $ 2,992 2.250%, 02/15/07 (e) 3,800 3,734 2.750%, 08/15/07 (e) 9,750 9,634 3.500%, 08/15/09 6,750 6,701 -------- Total U.S. Treasury Obligations (Cost $23,354) 23,061 -------- YANKEE DOLLAR (0.6%) BEVERAGES (0.6%) Diageo PLC, 3.375%, 03/20/08 1,600 1,581 -------- Total Yankee Dollar (Cost $1,598) 1,581 -------- SHORT-TERM INVESTMENTS (5.5%) Boston Global Investment Trust -- Enhanced Portfolio (f) 15,566,250 15,566 -------- Total Short-Term Investments (Cost $15,566) 15,566 -------- MONEY MARKET FUNDS (0.3%) Federated Prime Value Money Market Fund 859,821 860 -------- Total Money Market Funds (Cost $860) 860 -------- Total Investments (Cost $300,187) (a) -- 104.8% 299,202 Liabilities in excess of other assets -- (4.8)% (13,681) -------- Net Assets -- 100.0% $285,521 ========
See notes to schedules of portfolio investments and notes to financial statements. 29 SCHEDULE OF PORTFOLIO INVESTMENTS November 30, 2004 (Amounts in thousands, except shares) SHORT-TERM U.S. TREASURY SECURITIES FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- U.S. TREASURY OBLIGATIONS (95.6%) U.S. TREASURY NOTES (95.6%) 1.625%, 01/31/05 $ 3,500 $ 3,497 1.500%, 02/28/05 5,000 4,992 1.625%, 03/31/05 3,500 3,493 1.625%, 04/30/05 3,500 3,490 6.500%, 05/15/05 8,000 8,149 1.125%, 06/30/05 3,250 3,226 1.500%, 07/31/05 3,100 3,080 6.500%, 08/15/05 5,500 5,653 1.625%, 09/30/05 3,000 2,977 1.625%, 10/31/05 3,250 3,221 5.750%, 11/15/05 7,600 7,818 1.875%, 12/31/05 3,500 3,469 1.875%, 01/31/06 3,000 2,970 1.625%, 02/28/06 5,750 5,670 1.500%, 03/31/06 3,500 3,441 2.250%, 04/30/06 3,500 3,472 4.625%, 05/15/06 10,000 10,254 2.750%, 06/30/06 3,250 3,243 7.000%, 07/15/06 5,000 5,322 2.375%, 08/31/06 6,000 5,941
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- U.S. TREASURY NOTES--CONTINUED 2.500%, 09/30/06 $ 3,000 $ 2,975 2.500%, 10/31/06 2,500 2,477 2.875%, 11/30/06 6,400 6,383 2.250%, 02/15/07 4,200 4,127 4.375%, 05/15/07 7,000 7,203 2.750%, 08/15/07 8,000 7,905 3.000%, 11/15/07 3,000 2,978 -------- Total U.S. Treasury Obligations (Cost $127,767) 127,426 -------- MONEY MARKET FUNDS (14.5%) Federated U.S. Treasury Cash Reserves Fund 19,273,933 19,274 -------- Total Money Market Funds (Cost $19,274) 19,274 -------- Total Investments (Cost $147,041) (a) -- 110.1% 146,700 Liabilities in excess of other assets -- (10.1)% (13,506) -------- Net Assets -- 100.0% $133,194 ========
See notes to schedules of portfolio investments and notes to financial statements. 30 (Unaudited) STRATEGIC INCOME FUND
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- CORPORATE BONDS (43.4%) ADVERTISING (0.3%) R.H. Donnelley Financial Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44 $ 575 $ 687 -------- AGRICULTURE (0.5%) Seminis, Inc., 10.250%, 10/01/13, Callable 10/01/08 @ 105.13 1,000 1,130 -------- AUTO PART & EQUIPMENT (0.1%) Tenneco Automotive, Inc., 8.675%, 11/15/14, Callable 11/15/09 @ 104.31 155 161 -------- CHEMICALS (2.1%) Acetex Corp., 10.875%, 08/01/09, Callable 08/01/05 @ 105.44 500 545 Equistar Chemicals LP, 10.625%, 05/01/11, Callable 05/01/07 @ 105.31 500 578 Huntsman International LLC, 11.625%, 10/15/10, Callable 10/15/07 @ 105.81 1,750 2,082 Lyondell Chemical Co., Ser A, 9.625%, 05/01/07 500 551 MacDermid, Inc., 9.125%, 07/15/11, Callable 07/15/06 @ 104.56 750 829 -------- 4,585 -------- DIVERSIFIED FINANCIAL SERVICES (3.8%) Aac Group Holding Corp., 11.615%, 10/01/12, Callable 10/01/08 @ 105.13, (b) (d) (h) 2,800 1,890 K&F Acquisition, Inc., 7.750%, 11/15/14, Callable 11/15/09 @ 103.88 750 767 Rainbow National Services LLC, 10.375%, 09/01/14, Callable 09/01/09 @ 105.19 2,000 2,120 RMCC Acquisition Co., 9.500%, 11/01/12, Callable 11/01/08 @ 104.75 2,000 2,010 UGS Corp., 10.000%, 06/01/12, Callable 06/01/08 @ 105.00 1,000 1,140 -------- 7,927 -------- ELECTRIC (3.3%) Aquila, Inc., 11.875%, 07/01/12 2,500 3,475 Calpine Generating Co., 11.500%, 04/01/11 1,000 925
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- ELECTRIC--CONTINUED PSEG Energy Holdings, 7.750%, 04/16/07 $ 500 $ 535 PSEG Energy Holdings, 10.000%, 10/01/09 1,250 1,500 Sithe/Independence Funding Corp., Ser A, 9.000%, 12/30/13 750 826 -------- 7,261 -------- ELECTRONICS (0.6%) Fisher Scientific International, 8.125%, 05/01/12, Callable 05/01/07 @ 104.06 435 484 Sanmina Corp., 10.375%, 01/15/10, Callable 01/15/07 @ 105.19 750 863 -------- 1,347 -------- ENTERTAINMENT (1.1%) Argosy Gaming Co., 9.000%, 09/01/11, Callable 09/01/06 @ 104.50 1,000 1,128 Six Flags, Inc., 9.750%, 04/15/13, Callable 04/15/08 @ 104.88 (e) 1,250 1,237 -------- 2,365 -------- FOOD (1.9%) Merisant Co., 9.750%, 07/15/13, Callable 07/15/08 @ 104.75 1,050 945 PSF Group Holdings, Inc., 9.250%, 06/15/11, Callable 06/15/06 @ 104.63 500 530 Roundy's, Inc., Ser B, 8.875%, 06/15/12, Callable 06/15/07 @ 104.44 1,000 1,100 Stater Brothers Holdings, Inc., 8.125%, 06/15/12, Callable 06/15/08 @ 104.06 500 528 Swift Energy Co., 12.500%, 01/01/10, Callable 10/01/06 @ 106.25 1,000 1,126 -------- 4,229 -------- FOREST PRODUCTS & PAPER (3.1%) Appleton Papers, Inc., 8.125%, 06/15/11, Callable 06/15/08 @ 104.06 500 539 Appleton Papers, Inc., Ser B, 9.750%, 06/15/14, Callable 06/15/09 @ 104.88 1,500 1,654 Georgia-Pacific Corp., 8.125%, 05/15/11 500 576
31 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) STRATEGIC INCOME FUND -- CONTINUED
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- FOREST PRODUCTS & PAPER--CONTINUED Georgia-Pacific Corp., 9.500%, 12/01/11 (e) $ 2,000 $ 2,484 Neenah Paper, Inc., 7.375%, 11/15/14, Callable 11/15/09 @ 103.69 (d) 1,500 1,523 -------- 6,776 -------- HEALTHCARE -- PRODUCTS (1.8%) MQ Associates, Inc., 12.500%, 08/15/12, Callable 08/15/08 @ 109.00 3,125 2,218 Universal Hospital Services, 10.125%, 11/01/11, Callable 11/01/07 @ 105.06 1,500 1,583 -------- 3,801 -------- HEALTHCARE -- SERVICES (4.3%) HCA, Inc., 7.500%, 11/15/95 2,500 2,287 HealthSouth Corp., 10.750%, 10/01/08, Callable 01/18/05 @ 105.38 (e) (h) 2,000 2,095 Iasis Healthcare Corp., 8.750%, 06/15/14, Callable 06/15/09 @ 104.38 (d) 1,750 1,903 National Mentor, Inc., 9.625%, 12/01/12, Callable 12/01/08 @ 104.81 1,000 1,055 Pacificare Health Systems, Inc., 10.750%, 06/01/09, Callable 06/01/06 @ 105.38 649 746 United Surgical Partners, Inc., 10.000%, 12/15/11, Callable 12/15/06 @ 105.00 1,000 1,140 -------- 9,226 -------- INSURANCE (0.5%) AFC Capital Trust I, Ser B, 8.207%, 02/03/27 1,000 1,019 -------- LODGING (0.6%) MGM Mirage, Inc., 9.750%, 06/01/07 1,250 1,386 -------- MACHINERY DIVERSIFIED (0.5%) Cummins, Inc., 9.500%, 12/01/10, Callable 12/01/06 @ 104.75 500 568 NMGH Holding Co., 10.000%, 05/15/09, Callable 05/15/06 @ 105.00 500 553 -------- 1,121 --------
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- MEDIA (2.5%) Charter Communications Holding Co. LLC, 8.625%, 04/01/09, Callable 01/18/05 @ 104.31 $ 1,500 $ 1,245 Dex Media, Inc., 8.500%, 11/15/13, Callable 11/15/08 @ 104.50 (b) (h) 1,500 1,151 EchoStar Communications Corp., 6.375%, 10/01/11 500 511 EchoStar DBS Corp., 9.125%, 01/15/09, Callable 01/15/06 @ 104.56 750 826 Houghton Mifflin Co., 12.529%, 10/15/13 (b) (h) 2,500 1,779 -------- 5,512 -------- METAL FABRICATE/HARDWARE (0.6%) Mueller Holdings, Inc., 11.152%, 04/15/14, Callable 04/15/09 @ 107.38 (b) (h) 372 251 TriMas Corp., 9.875%, 06/15/12, Callable 06/15/07 @ 104.94 1,000 1,035 -------- 1,286 -------- MISCELLANEOUS MANUFACTURER (0.6%) Borden Chemical, Inc., 8.375%, 04/15/16, Callable 04/15/06 @ 100.00 1,500 1,350 -------- OFFICE / BUSINESS EQUIPMENT (0.6%) Xerox Corp., 9.750%, 01/15/09 (e) 1,200 1,404 -------- OIL & GAS (1.7%) Chesapeake Energy Corp., 9.000%, 08/15/12, Callable 08/15/07 @ 104.50 1,500 1,725 Energy Partners Ltd., 8.750%, 08/01/10, Callable 08/01/07 @ 104.38 750 818 Premcor Refining Group, 7.750%, 02/01/12, Callable 02/01/08 @ 103.88 (c) (e) 500 551 Swift Energy Co., 9.375%, 05/01/12, Callable 05/01/07 @ 104.69 500 565 -------- 3,659 --------
32 (Unaudited)
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- PACKAGING & CONTAINERS (1.8%) Berry Plastics Corp., 10.750%, 07/15/12, Callable 07/15/07 @ 105.38 $ 1,000 $ 1,145 Plastipak Holdings, Inc., 10.750%, 09/01/11, Callable 09/01/06 @ 105.38 1,000 1,120 Stone Container Corp., 9.250%, 02/01/08 1,500 1,665 -------- 3,930 -------- PIPELINES (1.6%) Dynegy Holdings, Inc., 10.125%, 07/15/13, Callable 07/15/08 @ 105.06 (d) 1,000 1,168 Williams Co., Inc. (The), 8.750%, 03/15/32 2,000 2,310 -------- 3,478 -------- REITS (0.9%) Host Marriott LP, Ser G, 9.250%, 10/01/07 750 833 Ventas Realty LP, 9.000%, 05/01/12 1,000 1,157 -------- 1,990 -------- RETAIL (1.4%) AutoNation, Inc., 9.000%, 08/01/08 1,750 1,994 Office Depot, Inc., 10.000%, 07/15/08 500 598 Sonic Automotive, Inc., Ser B, 8.625%, 08/15/13, Callable 08/15/08 @ 104.31 500 538 -------- 3,130 -------- SEMICONDUCTORS (0.5%) Fairchild Semiconductor Corp., 5.000%, 11/01/08, Callable 01/06/05 @ 102.25 1,000 1,006 -------- TELECOMMUNICATIONS (6.7%) AT&T Corp., 8.000%, 11/15/31 1,750 2,028 Citizens Communications Co., 9.250%, 05/15/11 2,000 2,325 GCI, Inc., 7.250%, 02/15/14, Callable 02/15/09 @ 103.63 1,500 1,500 Nextel Communications, 7.375%, 08/01/15, Callable 08/01/08 @ 103.69 1,500 1,650
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- TELECOMMUNICATIONS--CONTINUED Panamsat Corp., 9.000%, 08/15/14, Callable 08/15/09 @ 104.50 (d) $ 1,750 $ 1,873 Qwest Corp., 9.125%, 03/15/12 2,250 2,558 Rogers Wireless, Inc., 6.375%, 03/01/14 2,450 2,389 -------- 14,323 -------- Total Corporate Bonds (Cost $91,389) 94,089 -------- FOREIGN GOVERNMENT BONDS (15.9%) AUSTRALIA (3.8%) Australian Government, 6.250%, 04/15/15 9,900 8,253 -------- CANADA (3.8%) Canada Government, 5.000%, 06/01/14 9,560 8,404 -------- GERMANY (8.3%) Deutschland Republic, 4.250%, 07/04/14 10,670 14,763 Deutschland Republic, 4.750%, 07/04/34, Ser 03 2,270 3,191 -------- 17,954 -------- Total Foreign Government Bonds (Cost $31,593) 34,611 -------- PREFERRED STOCKS (0.5%) REITS (0.5%) Health Care REIT, Inc., Ser F 40,000 1,016 iStar Financial, Inc., Ser I 1,400 35 -------- Total Preferred Stocks (Cost $1,035) 1,051 -------- U.S. TREASURY OBLIGATIONS (30.7%) U.S. TREASURY BONDS (4.1%) 5.375%, 02/15/31 8,460 8,904 -------- U.S. TREASURY NOTES (26.6%) 1.625%, 01/31/05 17,150 17,137 1.500%, 02/28/05 11,500 11,482 2.875%, 11/30/06 17,250 17,202 3.500%, 11/15/09 8,550 8,473 4.250%, 11/15/14 3,410 3,381 -------- 57,675 -------- Total U.S. Treasury Obligations (Cost $66,615) 66,579 --------
33 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) STRATEGIC INCOME FUND -- CONCLUDED
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- YANKEE DOLLAR (7.8%) BUILDING MATERIALS (0.8%) Ainsworth Lumber Co., 7.250%, 10/01/12, Callable 10/01/08 @ 103.63 $ 1,750 $ 1,750 -------- ELECTRIC (0.7%) Electricidad de Caracas Finance BV, 10.250%, 10/15/14, Callable 10/15/09 @ 105.13 1,500 1,575 -------- FOOD (0.5%) Burns, Philp Capital Property, 9.750%, 07/15/12, Callable 07/15/07 @ 104.88 1,000 1,108 -------- INSURANCE (0.6%) Fairfax Financial Holdings Ltd., 8.300%, 04/15/26 (e) 1,250 1,228 -------- LODGING (0.3%) Kerzner International Ltd., 8.875%, 08/15/11, Callable 08/15/06 @ 104.44 500 549 -------- MEDIA (2.5%) Advertising Directory Solutions, 9.250%, 11/15/12, Callable 11/15/05 @ 103.00 2,000 2,090 Kabel Deutschland GMBH, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31 3,000 3,450 -------- 5,540 -------- TELECOMMUNICATIONS (1.4%) Inmarsat Finance PLC, 10.375%, 11/15/12, Callable 11/15/08 @ 105.19 2,425 1,672
- -------------------------------------------------------- Shares or Principal Amount Value - -------------------------------------------------------- TELECOMMUNICATIONS--CONTINUED Intelsat Ltd., 6.500%, 11/01/13 $ 125 $ 107 National Cable PLC, 6.070%, 10/15/12, Callable 04/15/05 @ 103.00 1,000 1,030 Rogers Wireless, Inc., 7.250%, 12/15/12 (d) 195 203 -------- 3,012 -------- TRANSPORTATION (1.0%) Ultrapetrol Ltd., 9.000%, 11/24/14, Callable 11/24/09 @ 104.50 2,250 2,250 -------- Total Yankee Dollar (Cost $16,228) 17,012 -------- SHORT-TERM INVESTMENTS (9.8%) Boston Global Investment Trust - Enhanced Portfolio (f) 8,185,613 8,186 -------- Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 1.240% 13,181,310 13,181 -------- Total Short-Term Investments (Cost $21,367) 21,367 -------- Total Investments (Cost $228,227) (a) -- 108.1% 234,709 Liabilities in excess of other assets -- (8.1)% (17,620) -------- Net Assets -- 100.0% $217,089 ========
See notes to schedules of portfolio investments and notes to financial statements. 34 (Unaudited) U.S. GOVERNMENT SECURITIES FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- ASSET BACKED SECURITIES (0.9%) CREDIT CARD ABS (0.3%) MBNA Credit Card Master Note Trust Series 2003-A7, Class A7, 2.650%, 11/15/10 $ 1,000 $ 963 -------- HOME EQUITY ABS (0.6%) Citifinancial Mortgage Securities, Inc., 3.221%, 10/25/33 (c) 2,000 1,991 -------- Total Asset Backed Securities (Cost $2,971) 2,954 -------- U.S. GOVERNMENT AGENCIES (70.6%) FANNIE MAE (53.1%) 6.000%, 11/01/07 60 62 3.875%, 11/17/08 10,000 9,913 6.500%, 03/01/12 224 238 4.717%, 08/25/12 5,000 4,994 6.500%, 12/01/12 131 138 6.500%, 06/01/13 155 164 6.500%, 06/01/13 40 43 6.500%, 09/01/13 17 18 4.000%, 11/01/13 8,446 8,359 4.000%, 12/01/13 5,193 5,143 6.000%, 07/01/16 1,311 1,374 6.000%, 07/01/16 2,748 2,880 6.500%, 09/01/16 837 886 5.500%, 04/01/17 3,166 3,269 5.500%, 09/01/17 3,041 3,141 6.000%, 09/01/17 443 464 5.500%, 04/01/18 1,381 1,426 6.290%, 08/01/18 1,241 1,304 4.500%, 10/01/18 904 900 5.500%, 11/01/18 9,022 9,315 6.000%, 12/01/18 290 301 8.750%, 12/25/20 8 8 6.500%, 03/01/29 517 544 6.500%, 04/01/31 391 410 6.500%, 06/01/31 1,161 1,219 6.500%, 12/01/31 725 761 7.000%, 12/01/31 238 253 7.000%, 12/01/31 578 613 6.500%, 01/01/32 935 982 6.500%, 05/01/32 304 320 7.000%, 06/01/32 2,877 3,052 6.500%, 07/01/32 497 522 5.327%, 03/01/33 (c) 9,862 10,021 6.000%, 03/01/33 2,939 3,035 5.212%, 04/01/33 (c) 3,253 3,293 5.500%, 04/01/33 6,105 6,181
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FANNIE MAE--CONTINUED 4.126%, 08/01/33 (c) $ 12,270 $ 12,258 5.000%, 09/01/33 1,788 1,769 6.000%, 10/01/33 3,825 3,953 3.996%, 11/01/33 (c) 4,342 4,346 6.000%, 11/01/33 175 181 6.000%, 01/01/34 7,909 8,174 6.000%, 02/01/34 3,923 4,053 6.000%, 02/01/34 8,457 8,740 6.000%, 04/01/34 14,183 14,654 4.596%, 05/01/34 (c) 8,016 8,111 4.750%, 05/01/34 (c) 9,997 9,948 4.034%, 06/01/34 (c) 4,347 4,331 4.268%, 06/01/34 (c) 4,250 4,263 -------- 170,327 -------- FEDERAL HOME LOAN BANK (1.3%) 5.890%, 06/30/08 4,000 4,298 -------- FREDDIE MAC (12.0%) 4.500%, 06/01/13 15,278 15,358 4.875%, 11/15/13 2,500 2,540 7.000%, 06/01/17 357 380 5.500%, 02/01/24 10,339 10,545 5.000%, 05/01/33 4,156 4,117 5.000%, 10/01/33 5,689 5,635 -------- 38,575 -------- GINNIE MAE (4.2%) 7.500%, 10/20/09 5 5 6.000%, 07/15/13 230 243 6.000%, 01/15/14 167 176 6.000%, 01/15/14 288 303 6.500%, 05/20/28 205 216 6.250%, 10/15/28 366 384 6.000%, 12/15/31 3,043 3,152 5.500%, 12/15/32 2,921 2,978 6.000%, 03/15/33 1,440 1,491 3.750%, 01/20/34 4,727 4,690 -------- 13,638 -------- Total U.S. Government Agencies (Cost $226,855) 226,838 -------- U.S. TREASURY OBLIGATIONS (23.6%) U.S. TREASURY BONDS (6.0%) 5.375%, 02/15/31 (e) 18,200 19,156 -------- U.S. TREASURY INFLATION PROTECTED BONDS (10.6%) 1.875%, 07/15/13 23,000 24,294 3.875%, 04/15/29 6,400 9,767 -------- 34,061 --------
35 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) U.S. GOVERNMENT SECURITIES FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- U.S. TREASURY NOTES (7.0%) 2.000%, 05/15/06 $ 3,000 $ 2,965 6.000%, 08/15/09 3,400 3,741 4.000%, 11/15/12 7,000 6,916 4.250%, 11/15/13 9,000 8,959 -------- 22,581 -------- Total U.S. Treasury Obligations (Cost $75,437) 75,798 -------- SHORT-TERM INVESTMENTS (5.5%) Boston Global Investment Trust -Enhanced Portfolio (f) 17,540,000 17,540 -------- Total Short-Term Investments (Cost $17,540) 17,540 --------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- REPURCHASE AGREEMENTS (4.8%) Merrill Lynch, 1.995%, dated 11/30/04, to be repurchased on 12/31/04, repurchase price $15,429,617 (collateralized by U.S. Government obligations; total market value $15,740,878) $ 15,430 $ 15,430 -------- Total Repurchase Agreements (Cost $15,430) 15,430 -------- Total Investments (Cost $338,233) (a) -- 105.4% 338,560 Liabilities in excess of other assets -- (5.4)% (17,201) -------- Net Assets -- 100.0% $321,359 ========
See notes to schedules of portfolio investments and notes to financial statements. 36 (Unaudited) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MUNICIPAL BONDS (97.6%) VIRGINIA (97.6%) Albemarle County Industrial Development Authority, Residential Care Facilities, RB, Ser A, 5.000%, 01/01/07, Callable 01/01/05 @ 101 $ 1,500 $ 1,516 Arlington County Industrial Development Authority, Hospital Facilities, RB, 5.500%, 07/01/06 2,000 2,094 Arlington County Industrial Development Authority, Hospital Facilities, RB, 5.500%, 07/01/11 2,000 2,214 Arlington County Industrial Development Authority, Hospital Facilities, RB, 5.500%, 07/01/17, Callable 07/01/11 @ 101 2,225 2,383 Arlington County Industrial Development Authority, Resource Recovery, RB, Ser A, 5.250%, 01/01/05 4,000 4,010 Arlington County Industrial Development Authority, Resource Recovery, RB, Ser B, 5.375%, 01/01/11, Callable 07/01/08 @ 101, AMT 2,785 2,991 Bristol, Utility System, GO, 5.500%, 11/01/16, FSA, Callable 11/01/12 @ 102 1,190 1,358 Bristol, Utility System, RB, 5.750%, 07/15/14, Callable 07/15/11 @ 102 1,055 1,229 Chesapeake Public Improvement Project, GO, 5.500%, 12/01/10 2,500 2,819 Chesapeake Water & Sewer Project, GO, 5.000%, 12/01/19, Callable 12/01/14 @ 101 2,465 2,649 Chesapeake Water & Sewer Project, GO, 5.000%, 12/01/20, Callable 12/01/14 @ 101 3,640 3,890 Chesapeake, GO, 5.400%, 12/01/08 2,500 2,757
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Commonwealth Transportation Board, RB, Ser A, 5.375%, 05/15/13, Callable 05/01/11 @ 100 $ 2,045 $ 2,266 Dinwiddie County Development Authority RB, Ser B, 5.000%, 02/15/24, Callable 02/15/14 @ 100, MBIA 1,750 1,814 Education Loan Authority, Guaranteed Student Loan Program, RB, Ser B, 5.550%, 09/01/10, AMT 1,800 1,868 Fairfax County, Ser A, GO, 5.000%, 04/01/16, Callable 04/01/14 @ 100 2,000 2,174 Fairfax County Economic Development Authority, RB, 1.680%, 10/01/25, Callable 01/03/05 @ 100 (c) 2,000 2,000 Fairfax County Economic Development Authority, Transportation Contract, RB, 5.000%, 04/01/22, MBIA, Callable 04/01/14 @ 100 1,625 1,703 Fairfax County Water Authority, RB, 5.500%, 04/01/14, Callable 04/01/12 @ 100 2,000 2,244 Fairfax County Water Authority, RB, 6.000%, 04/01/22, Callable 04/01/07 @ 102 5,560 6,085 Front Royal & Warren County Development Authority, Ser B, RB, 5.000%, 04/01/23, Callable 04/01/14 @ 100 2,485 2,579 Greater Richmond Convention Center Authority, Hotel Tax, RB, 5.250%, 06/15/05 460 468 Greater Richmond Convention Center Authority, Hotel Tax, RB, 6.000%, 06/15/11, Callable 06/15/10 @ 101 1,170 1,324 Greater Richmond Convention Center Authority, Hotel Tax, RB, 6.000%, 06/15/13, Callable 06/15/10 @ 101 3,185 3,552
37 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- CONTINUED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Halifax County Industrial Development Authority, RB, 3.000%, 09/01/06 $ 1,125 $ 1,132 Hampton, GO, Ser A, 5.500%, 07/15/18, Callable 07/15/12 @ 101 1,275 1,405 Hanover County Industrial Development Authority, Regional Medical Care Project, RB, 6.375%, 08/15/18, MBIA 5,100 6,099 Harrisonburg Industrial Development Authority, RB, 5.750%, 12/01/13, Callable 10/25/04 @ 101, MBIA 3,000 3,009 Henrico County Economic Development Authority, Residential Care Facilities RB, Ser A, 3.750%, 06/01/06 255 255 Henrico County Economic Development Authority, Residential Care Facilities RB, Ser A, 4.250%, 06/01/07 525 531 Henrico County Economic Development Authority, Residential Care Facilities RB, Ser A, 5.000%, 06/01/10 1,000 1,022 Henrico County Economic Development Authority, Residential Care Facilities RB, Ser A, 6.500%, 06/01/22, Callable 06/01/12 @ 100 1,000 1,049 Henrico County Industrial Development Authority Lease Revenue, 5.150%, 06/01/07, Callable 06/01/06 @ 102 2,500 2,650 Henrico County Industrial Development Authority, RB, 5.300%, 12/01/11, Mandatory Put 12/01/05 1,000 998 Henrico County, GO, 5.000%, 01/15/08 2,220 2,389 Henry County Public Service Authority, Water and Sewer, RB, 5.000%, 11/15/08, FSA 1,990 2,160
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED James City County Industrial Development Authority, Residential Care Facility, RB, Ser B, 5.375%, 03/01/26, Callable 09/01/05 @ 100 $ 1,900 $ 1,911 King George County Industrial Development Authority, Birchwood Power Partners, Ser B, RB, 1.780%, 12/01/24 (c) 1,000 1,000 Loudoun County GO, Series A, 5.000%, 11/01/06 2,000 2,102 Loudoun County Industrial Development Authority, Hospital, RB, 6.000%, 06/01/22, Callable 06/01/12 @ 101 1,000 1,090 Loudoun County Industrial Development Authority, Residential Care Facilities, RB, Ser A, 6.000%, 08/01/24, Callable 08/01/14 @ 100 1,000 1,027 Loudoun County Industrial Development Authority, Residential Care Facilities, RB, Ser B, 5.000%, 08/01/28, Callable 08/01/07 @ 101 1,075 1,083 Lynchburg Industrial Development Authority, Residential Care Facilities, RB, Ser A, 4.750%, 01/01/06, Callable 01/01/05 @ 101 1,850 1,861 Lynchburg, GO, 3.000%, 06/01/06, Callable 06/01/05 @ 100 2,100 2,103 Lynchburg, GO, Ser B, 5.000%, 02/01/10 1,940 2,118 Metropolitan Washington DC Airports Authority, Ser B, 5.250%, 10/01/19, Callable 10/01/13 @ 100 1,685 1,809 Montgomery County Industrial Development Authority, RB, 5.500%, 01/15/18, Callable 01/15/12 @ 101, AMBAC 1,865 2,060
38 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Newport News Industrial Development Authority, RB, 5.500%, 09/01/09 $ 2,500 $ 2,781 Newport News, GO, 5.250%, 07/01/15 3,000 3,368 Newport News, GO, 5.000%, 05/01/19, Callable 05/01/14 @ 101 2,000 2,143 Norfolk Industrial Development Authority, RB, 6.900%, 06/01/06, AMBAC 1,000 1,065 Norfolk Virginia Parking System RB, Ser B, 5.000%, 02/01/14, AMBAC 2,135 2,340 Peninsula Ports Authority, Residential Care Facility, RB, Ser A, 7.375%, 12/01/23, Callable 12/01/13 @ 100 1,500 1,603 Richmond Virginia, GO, 5.500%, 01/15/18, FSA Callable 01/15/11 @ 101 2,755 3,043 Richmond, GO, 5.250%, 01/15/09 1,470 1,612 Richmond, GO, 5.500%, 01/15/12, Callable 01/15/11 @ 101, FSA 2,500 2,801 Richmond, GO, 5.000%, 07/15/23, Callable 07/15/14 @ 100, FSA 1,500 1,568 Roanoke County Industrial Development Authority, Healthcare Facilities, RB, Ser A, 4.400%, 07/01/08, Callable 07/01/06 @ 101 1,000 1,001 Roanoke Industrial Development Authority, RB, Ser A, 5.250%, 07/01/11 1,500 1,657 Roanoke Industrial Development Authority, RB, Ser A, 5.750%, 07/01/13, Callable 07/01/12 @ 100 2,000 2,253 Roanoke Industrial Development Authority, RB, Ser A, 5.750%, 07/01/14, Callable 07/01/12 @ 100 2,000 2,239 Roanoke Industrial Development Authority, RB, Ser A, 5.500%, 07/01/18, Callable 07/01/12 @ 100 2,000 2,166
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Roanoke Industrial Development Authority, RB, Ser C, 1.660%, 07/01/27 (c) $ 3,000 $ 3,000 Roanoke Public Improvement, GO, Ser B, 5.000%, 02/01/24, Callable 02/01/15 @ 101 2,500 2,611 Southwest Regional Jail Authority, RB, 3.000%, 09/01/06, Callable 09/01/05 @ 100 1,750 1,760 Spotsylvania County Water & Sewer RB, 5.000%, 06/01/26 2,635 2,707 Stafford County Water & Sewer, RB, 5.000%, 06/01/12, FSA 2,275 2,505 Upper Occoquan Sewage Authority, Regional Sewage, RB, 5.000%, 07/01/18, Callable 01/01/14 @ 100, FSA 2,265 2,420 Virginia Beach Development Authority, RB, Ser A, 5.375%, 08/01/16, Callable 08/01/12 @ 100 1,650 1,816 Virginia College Building Authority, Educational Facilities, RB, 5.375%, 01/01/21, Callable 01/01/16 @ 100 2,990 3,375 Virginia College Building Authority, Educational Facilities, RB, Ser A, 5.000%, 02/01/15, Callable 02/01/14 @ 100 4,510 4,907 Virginia Housing Development Authority, Commonwealth Mortgage, RB, Ser A, 2.000%, 07/01/06, AMT 750 747 Virginia Housing Development Authority, Commonwealth Mortgage, RB, Ser J, 4.875%, 07/01/13, Callable 07/01/11 @ 100, MBIA 2,500 2,603 Virginia Housing Development Authority, Commonwealth Mortgage, RB, Series I, 3.750%, 07/01/05, AMT 1,000 1,007
39 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Virginia Housing Development Authority, Multifamily, RB, Ser E, 5.350%, 11/01/11, Callable 01/01/08 @ 102 AMT $ 1,250 $ 1,330 Virginia Housing Development Authority, Multifamily, RB, Ser H, 5.625%, 11/01/18, Callable 11/01/09 @ 100 3,500 3,667 Virginia Housing Development Authority, Multifamily, RB, Ser I, 4.875%, 11/01/12, Callable 01/01/09 @ 101 AMT 1,950 2,023 Virginia Polytechnic Institute & State University, RB, Ser A, 5.350%, 06/01/09 2,000 2,131 Virginia Polytechnic Institute & State University, RB, Ser D, 5.125%, 06/01/21, AMBAC, Callable 06/01/14 @ 101 1,095 1,179 Virginia Public School Authority, RB, Ser B, 5.000%, 08/01/13, Callable 08/01/10 @ 101 2,910 3,147
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Virginia Public School Authority, RB, Ser D, 5.000%, 02/01/11 $ 2,000 $ 2,194 Virginia Resources Authority, Infrastructure, RB, 5.000%, 11/01/22, Callable 11/01/13 @ 100 1,670 1,747 Virginia Transportation Board Contract, RB, Ser B, 6.750%, 05/15/06 3,605 3,833 York County, GO, 5.000%, 07/15/09 1,545 1,683 -------- Total Municipal Bonds (Cost $178,660) 182,882 -------- MONEY MARKET FUNDS (1.2%) Federated Virginia Municipal Cash Trust 2,218,530 2,219 -------- Total Money Market Funds (Cost $2,219) 2,219 -------- Total Investments (Cost $180,879) (a) -- 98.8% 185,101 Other assets in excess of liabilities -- 1.2% 2,231 -------- Net Assets -- 100.0% $187,332 ========
See notes to schedules of portfolio investments and notes to financial statements. 40 (Unaudited) VIRGINIA MUNICIPAL BOND FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MUNICIPAL BONDS (96.1%) DISTRICT OF COLUMBIA (1.9%) Metropolitan Washington Airports Authority Airport System, RB, Series A, AMT, 5.500%, 10/01/27, Callable 10/01/11 @ 101 $ 1,000 $ 1,029 -------- VIRGINIA (94.2%) Amherst County Service Authority, RB, 6.000%, 12/15/30, Callable 12/15/10 @ 102 1,750 1,817 Amherst County Service Authority, RB, 6.000%, 12/15/20, Callable 12/15/10 @ 102 500 525 Blacksburg Polytechnic Institute Sanitation Authority, RB, 4.150%, 11/01/06 500 514 Bristol Virginia Utility System, RB, 5.250%, 07/15/23, MBIA, Callable 07/15/13 @ 100 1,000 1,066 Brunswick County Industrial Development Authority Correctional Facility Lease, RB, 5.700%, 07/01/10, MBIA, Prerefunded 07/01/06 @ 102 (g) 1,000 1,073 Chesterfield County Industrial Development Authority, Virginia State University Real Estate, Ser A, RB, LOC: Bank of America, 1.690%, 07/01/29 500 500 Chesterfield County Virginia, GO, 5.000%, 01/15/12, Prerefunded 01/15/11 @ 100 (g) 1,105 1,214 Fairfax County, Ser A, GO, 5.000%, 04/01/16, Callable 04/01/14 @ 100 1,000 1,087 Fairfax County Economic Development Authority, Transportation Contract, RB, 5.000%, 04/01/22, MBIA, Callable 04/01/14 @ 100 1,000 1,048
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Fairfax County, Virginia Sewer, RB, 5.800%, 07/15/22, MBIA, Callable 07/15/06 @ 102 $ 1,000 $ 1,076 Fredericksburg Industrial Development Authority Hospital Facilities, RB, 5.000%, 08/15/09 1,000 1,073 Greater Richmond Convention Center Authority Hotel Tax, RB, 5.500%, 06/15/08 550 597 Greater Richmond Convention Center Authority Hotel Tax, RB, 5.900%, 06/15/16, Callable 06/15/10 @ 101 950 1,052 Greater Richmond Convention Center Authority Hotel Tax, RB, 6.125%, 06/15/25, Callable 06/15/10 @ 101 1,200 1,344 Hampton Virginia Golf Course, RB, 6.000%, 12/01/12 1,076 1,133 Hanover County Industrial Development Authority, Regional Medical Care Project, RB, 6.375%, 08/15/18, MBIA 1,000 1,195 Henrico County, Economic Development Authority, RB, Series A, 5.850%, 07/20/19, GNMA, Callable 07/20/09 @ 102 400 432 Henrico County, Economic Development Authority, RB, Series A, 5.900%, 07/20/29, GNMA, Callable 07/20/09 @ 102 500 536 Henry County Public Service Authority Water and Sewer, RB, 5.250%, 11/15/13, FSA 1,500 1,672 Loudoun County Industrial Development Authority Lease, RB, 5.000%, 03/01/19, Callable 03/01/13 @ 100 1,000 1,056
41 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Amounts in thousands, except shares) VIRGINIA MUNICIPAL BOND FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Loudoun County Industrial Development Authority Public Safety Facilities Lease, RB, Series A, 5.250%, 12/15/17, Callable 06/15/14 @ 100 $ 1,110 $ 1,210 Loudoun County Industrial Development Authority, Residential Care Facilities, RB, Ser A, 6.000%, 08/01/24, Callable 08/01/14 @ 100 750 770 Loudoun County Virginia, Series A, GO, 5.250%, 05/01/18, Callable 05/01/12 @ 100 1,535 1,671 Lynchburg Industrial Development Authority Healthcare Facilities, RB, 5.250%, 01/01/11, Callable 01/01/08 @ 101 1,000 1,064 Newport News Redevelopment and Housing Authority, RB, 5.850%, 12/20/30, GNMA, Callable 08/20/07 @ 102 500 517 Newport News Virginia, Series C, GO, 5.000%, 05/01/20, Callable 05/01/14 @ 101 1,000 1,066 Peninsula Ports Authority, Residential Care Facility, RB, Ser A, 7.375%, 12/01/23, Callable 12/01/13 @ 100 525 561 Pittsylvania County Virginia, Series B, GO, 5.625%, 03/01/15, MBIA, Callable 03/01/11 @ 102 1,000 1,132 Richmond Industrial Development Authority Student Housing, RB, 5.450%, 01/01/21, Callable 01/01/11 @ 102 1,000 1,059 Richmond Virginia Public Utility, RB, 5.000%, 01/15/23, Callable 01/15/15 @ 100 1,000 1,045
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Richmond Virginia, GO, 5.500%, 01/15/11, FSA $ 1,000 $ 1,127 Richmond Virginia, GO, 5.500%, 01/15/15, Callable 01/15/11 @ 101 1,290 1,433 Richmond Virginia, GO, 5.500%, 01/15/18, FSA Callable 01/15/11 @ 101 1,000 1,105 Riverside Regional Jail Authority Jail Facility, RB, 5.875%, 07/01/14, MBIA, Prerefunded 07/01/05 @ 102 (g) 910 948 Roanoke Industrial Development Authority Hospital, RB, Series A, 5.500%, 07/01/16, Callable 07/01/12 @ 100 1,000 1,088 Roanoke Industrial Development Authority Hospital, RB, Series A, 5.500%, 07/01/21, Callable 07/01/12 @ 100 1,000 1,074 Roanoke Industrial Development Authority, RB, Ser C, 1.660%, 07/01/27 (c) 1,000 1,000 Southwest Regional Jail Authority, RB, 5.125%, 09/01/14, LOC: MBIA, Callable 09/01/13 @ 100 1,095 1,197 Spotsylvania County Water & Sewer, RB, 5.000%, 06/01/26 1,000 1,027 Virginia Beach Development Authority Hospital Facility, RB, 6.000%, 02/15/09, AMBAC 500 559 Virginia Commonwealth Transportation Board, RB, 5.500%, 10/01/05 1,000 1,028 Virginia Commonwealth Transportation Board Transportation, RB, Series A, 5.375%, 05/15/12, Callable 05/15/11 @ 100 1,500 1,667 Virginia Housing Development Authority, 5.375%, 04/01/06 715 737
42 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Virginia Polytechnic Institute & State University, RB, Ser D, 5.125%, 06/01/21, AMBAC, Callable 06/01/14 @ 101 $ 1,000 $ 1,076 Virginia Public Building Authority Public Facilities, RB, Series A, 5.750%, 08/01/16, Callable 08/01/10 @ 100 1,000 1,119 Virginia Public School Authority, RB, 5.250%, 04/01/05 1,000 1,011 Virginia Public School Authority, RB, Series A, 5.000%, 08/01/24, Callable 08/01/14 @ 100 1,365 1,419
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- VIRGINIA--CONTINUED Virginia Resources Authority, Infrastructure, RB, Series A, 5.800%, 05/01/30, Callable 05/01/11 @ 101 $ 1,500 $ 1,658 Virginia Resources Authority, Infrastructure, RB, 5.000%, 11/01/22, Callable 11/01/13 @ 100 1,250 1,308 -------- 51,686 -------- Total Municipal Bonds (Cost $50,922) 52,715 -------- MONEY MARKET FUNDS (2.8%) Federated Virginia Municipal Cash Trust 1,559,816 1,560 -------- Total Money Market Funds (Cost $1,560) 1,560 -------- Total Investments (Cost $52,482) (a) -- 98.9% 54,275 Other assets in excess of liabilities -- 1.1% 609 -------- Net Assets -- 100.0% $ 54,884 ========
See notes to schedules of portfolio investments and notes to financial statements. 43 STI CLASSIC FIXED INCOME FUNDS NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS (a) See notes to financial statements for unrealized appreciation/(depreciation) of securities on a tax basis. (b) Rate represents the effective yield at purchase. (c) Variable rate security. Rate presented represents rate in effect at November 30, 2004. Maturity date represents actual maturity date. (d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e) This security or a partial position of the security was on loan at November 30, 2004. The total value of securities on loan at November 30, 2004 in thousands was $3,230, $27,922, $15,186, $8,014, and $17,183 for High Income, Investment Grade Bond, Short-Term Bond, Strategic Income, and U.S. Government Securities, respectively. (f) This security was purchased with cash collateral held from securities lending. (g) Prerefunded security; date represents prerefunded date. (h) Step Bond.
The following abbreviations are used in these Schedules of Portfolio Investments: AMBAC Security insured by the American Municipal Bond Assurance Corporation AMT Alternative Minimum Tax Paper COP Certificate of Participation ETM Escrowed to Maturity FGIC Security insured by the Financial Guaranty Insurance Company. FHA Federal Housing Administration FNMA Federal National Mortgage Association FSA Security insured by Financial Security Assurance. GNMA Government National Mortgage Association GO General Obligation HUD Department of Housing and Urban Development LLC Limited Liability Company LP Limited Partnership MBIA Security insured by the Municipal Bond Insurance Association. RB Revenue Bond REIT Real Estate Investment Trust Ser Series
44 (This page intentionally left blank) 45 STATEMENTS OF ASSETS AND LIABILITIES (000) STI CLASSIC FIXED INCOME FUNDS November 30, 2004
Investment Florida Georgia High Investment Grade Tax-Exempt Tax-Exempt Income Grade Tax-Exempt Bond Fund Bond Fund Fund Bond Fund Bond Fund ---------- ---------- -------- ---------- ---------- Assets: Investments, at Value..................................... $174,877 $105,502 $115,959 $643,414 $269,187 Repurchase Agreements, at Cost............................ -- -- 3,002 35,990 5,554 -------- -------- -------- -------- -------- Total Investments*........................................ 174,877 105,502 118,961 679,404 274,741 -------- -------- -------- -------- -------- Foreign Currency, at Value (Cost $6)...................... -- -- -- -- -- Interest and Dividends Receivable......................... 2,287 1,592 2,197 5,417 3,683 Receivable for Capital Shares Sold........................ -- -- -- 22 -- Receivable for Investment Securities Sold................. 1,101 -- 4,240 77,702 -- Receivable for Forward Foreign Currency Contracts......... -- -- -- -- -- Reclaims Receivable....................................... -- -- -- -- -- Prepaid Expenses and Other Assets......................... 7 4 6 23 9 -------- -------- -------- -------- -------- Total Assets................................................ 178,272 107,098 125,404 762,568 278,433 -------- -------- -------- -------- -------- Liabilities: Payable for Fund Overdraft................................ -- -- -- -- -- Income Distributions Payable.............................. 418 265 606 1,545 512 Payable for Investment Securities Purchased............... -- 1,049 3,355 137,432 14,395 Payable for Capital Shares Redeemed....................... 29 -- 380 85 42 Payable upon Return of Securities Loaned.................. -- -- 3,299 28,503 -- Investment Advisory Fees Payable.......................... 90 54 63 356 155 Administration Fees Payable............................... 4 2 3 13 6 Distribution and Service Fees Payable..................... 11 7 38 25 20 Custodian Fees Payable.................................... 1 1 2 11 2 Accrued Expenses.......................................... 9 5 2 20 19 -------- -------- -------- -------- -------- Total Liabilities......................................... 562 1,383 7,748 167,990 15,151 -------- -------- -------- -------- -------- Total Net Assets.......................................... $177,710 $105,715 $117,656 $594,578 $263,282 ======== ======== ======== ======== ======== Net Assets: Capital................................................... $172,440 $100,615 $108,894 $605,225 $254,982 Accumulated Net Investment Income (Loss).................. (11) (735) 31 809 (161) Accumulated Net Realized Gains (Losses) on Investment Transactions and Foreign Currency Transactions.......... 1,953 2,521 4,739 (16,935) 4,215 Net Unrealized Appreciation on Foreign Currency Transactions............................................ -- -- -- -- -- Net Unrealized Appreciation (Depreciation) on Investments............................................. 3,328 3,314 3,992 5,479 4,246 -------- -------- -------- -------- -------- Total Net Assets.......................................... $177,710 $105,715 $117,656 $594,578 $263,282 ======== ======== ======== ======== ======== NET ASSETS: T Shares.................................................. $154,921 $ 91,719 $ 53,061 $548,846 $227,928 A Shares.................................................. $ 7,175 $ 2,807 $ 661 $ 25,328 $ 17,860 L Shares.................................................. $ 15,614 $ 11,189 $ 63,934 $ 20,404 $ 17,494 SHARES OUTSTANDING: T Shares.................................................. 13,963 8,775 6,862 52,048 19,505 A Shares.................................................. 646 268 85 2,402 1,527 L Shares.................................................. 1,404 1,070 8,267 1,934 1,498 NET ASSET VALUE AND REDEMPTION PRICE PER SHARE: T Shares.................................................. $ 11.10 $ 10.45 $ 7.73 $ 10.55 $ 11.69 A Shares.................................................. $ 11.10 $ 10.47 $ 7.74 $ 10.54 $ 11.70 L Shares**................................................ $ 11.12 $ 10.46 $ 7.73 $ 10.55 $ 11.68 OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): T Shares.................................................. $ 11.10 $ 10.45 $ 7.73 $ 10.55 $ 11.69 A Shares.................................................. $ 11.53 $ 10.88 $ 8.04 $ 10.95 $ 12.16 L Shares.................................................. $ 11.12 $ 10.46 $ 7.73 $ 10.55 $ 11.68 Maximum Sales Charge -- A Shares............................ 3.75% 3.75% 3.75% 3.75% 3.75%
Amounts designated as "--" are $0 or have been rounded to $0. * Total Investments (Cost $171,549; $102,188; $114,969; $673,925; $270,495; $500,576; $44,916; $300,187; $147,041; $228,227; $338,233; $180,879 and $52,482, respectively) ** Redemption price per share varies by length of time shares are held. 46 (Unaudited)
Limited- Term Federal Short-Term Virginia Mortgage Maryland U.S. Treasury Strategic U.S. Intermediate Virginia Securities Municipal Short-Term Securities Income Government Municipal Municipal Fund Bond Fund Bond Fund Fund Fund Securities Fund Bond Fund Bond Fund - ------------ --------- ---------- ------------- --------- --------------- ------------ --------- $475,368 $46,328 $299,202 $146,700 $234,709 $323,130 $185,101 $54,275 24,627 -- -- -- -- 15,430 -- -- -------- ------- -------- -------- -------- -------- -------- ------- 499,995 46,328 299,202 146,700 234,709 338,560 185,101 54,275 -------- ------- -------- -------- -------- -------- -------- ------- -- -- -- -- 6 -- -- -- 2,281 725 2,821 690 3,229 1,666 2,846 807 1 -- -- 2 -- 5 -- -- -- -- -- 39,854 50,206 16,341 -- -- -- -- -- -- 3 -- -- -- -- -- -- -- 12 -- -- -- 19 4 12 6 8 12 7 2 -------- ------- -------- -------- -------- -------- -------- ------- 502,296 47,057 302,035 187,252 288,173 356,584 187,954 55,084 -------- ------- -------- -------- -------- -------- -------- ------- -- -- 151 -- -- -- -- -- 1,514 121 599 170 796 1,009 507 156 34 511 -- 53,749 61,761 16,221 -- -- 113 40 20 46 88 227 3 -- -- -- 15,566 -- 8,186 17,540 -- -- 246 22 143 65 133 187 101 29 11 1 7 3 5 7 4 1 26 13 11 18 56 13 1 6 9 -- 5 1 41 6 1 -- 42 -- 12 6 18 15 5 8 -------- ------- -------- -------- -------- -------- -------- ------- 1,995 708 16,514 54,058 71,084 35,225 622 200 -------- ------- -------- -------- -------- -------- -------- ------- $500,301 $46,349 $285,521 $133,194 $217,089 $321,359 $187,332 $54,884 ======== ======= ======== ======== ======== ======== ======== ======= $507,664 $44,577 $295,971 $133,117 $203,910 $323,787 $181,338 $52,251 1,498 (40) 116 (1) (666) 388 (6) -- (8,280) 400 (9,581) 419 7,271 (3,143) 1,778 840 -- -- -- -- 92 -- -- -- (581) 1,412 (985) (341) 6,482 327 4,222 1,793 -------- ------- -------- -------- -------- -------- -------- ------- $500,301 $46,349 $285,521 $133,194 $217,089 $321,359 $187,332 $54,884 ======== ======= ======== ======== ======== ======== ======== ======= $449,916 $30,619 $260,729 $ 82,737 $121,274 $303,248 $177,882 $47,200 $ 5,484 N/A $ 5,854 $ 6,910 $ 4,467 $ 3,487 $ 9,450 $ 111 $ 44,901 $15,730 $ 18,938 $ 43,547 $ 91,348 $ 14,624 N/A $ 7,573 44,004 2,938 26,579 8,220 11,611 28,950 17,323 4,478 537 N/A 595 687 427 333 920 11 4,390 1,506 1,926 4,335 8,741 1,396 N/A 715 $ 10.22 $ 10.42 $ 9.81 $ 10.07 $ 10.45 $ 10.48 $ 10.27 $ 10.54 $ 10.21 N/A $ 9.84 $ 10.06 $ 10.46 $ 10.47 $ 10.27 $ 10.53 $ 10.23 $ 10.44 $ 9.83 $ 10.05 $ 10.45 $ 10.47 N/A $ 10.59 $ 10.22 $ 10.42 $ 9.81 $ 10.07 $ 10.45 $ 10.48 $ 10.27 $ 10.54 $ 10.61 N/A $ 10.22 $ 10.45 $ 10.87 $ 10.88 $ 10.67 $ 10.94 $ 10.23 $ 10.44 $ 9.83 $ 10.05 $ 10.45 $ 10.47 N/A $ 10.59 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%
See notes to financial statements. 47 STATEMENTS OF OPERATIONS (000) STI CLASSIC FIXED INCOME FUNDS For the Six Month Period Ended November 30, 2004
Investment Florida Georgia High Investment Grade Tax-Exempt Tax-Exempt Income Grade Tax-Exempt Bond Fund Bond Fund Fund Bond Fund Bond Fund ---------- ---------- ------- ---------- ---------- Investment Income: Dividend Income........................................... $ 68 $ 12 $ 6 $ 49 $ 95 Interest Income........................................... 3,139 1,412 5,345 12,835 3,950 Security Lending Income................................... -- -- 28 177 -- Less: Foreign Taxes Withheld.............................. -- -- -- -- -- ------ ------ ------- ------- ------ Total Investment Income................................... 3,207 1,424 5,379 13,061 4,045 ------ ------ ------- ------- ------ Expenses: Investment Advisory Fees.................................. 600 364 508 2,269 964 Administration Fees....................................... 37 22 26 123 51 Distribution Fees -- A Shares............................. 6 2 2 65 40 Distribution and Service Fees -- L Shares................. 86 60 347 111 100 Custodian Fees............................................ 2 1 3 12 3 Professional Fees......................................... 3 2 2 10 5 Insurance Fees............................................ 2 1 1 6 2 Registration Fees......................................... 3 2 2 10 4 Transfer Agent Fees....................................... 12 10 20 31 16 Printing Fees............................................. 3 2 2 10 4 Trustee Fees.............................................. 1 1 1 3 1 Other Expenses............................................ 4 1 2 4 2 ------ ------ ------- ------- ------ Total Expenses............................................ 759 468 916 2,654 1,192 Less: Investment Advisory Fees Waived..................... (38) (23) (95) (62) (40) Less: Distribution Fees Waived or Fees Reimbursed -- A Shares.................................................. (2) (2) (2) (7) (4) Less: Distribution and Service Fees Waived -- L Shares.... (25) (17) (121) (16) (11) Expense Offset -- Insurance Premiums...................... (1) (1) -- (4) (1) ------ ------ ------- ------- ------ Net Expenses.............................................. 693 425 698 2,565 1,136 ------ ------ ------- ------- ------ Net Investment Income (Loss).............................. 2,514 999 4,681 10,496 2,909 ------ ------ ------- ------- ------ Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: Net Realized Gain (Loss) on Investments Sold.............. (134) 76 3,717 (471) 2,917 Net Realized Gain (Loss) on Forward and Foreign Currency Transactions............................................ -- -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency......................... -- -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments............................................. 2,990 2,998 2,075 13,590 2,609 ------ ------ ------- ------- ------ Total Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions........... 2,856 3,074 5,792 13,119 5,524 ------ ------ ------- ------- ------ Net Increase (Decrease) in Net Assets from Operations....... $5,370 $4,073 $10,473 $23,615 $8,435 ====== ====== ======= ======= ======
Amounts designated as "--" are $0 or have been rounded to $0. 48 (Unaudited)
Limited-Term Short-Term U.S. Virginia Federal Maryland U.S. Treasury Government Intermediate Virginia Mortgage Municipal Short-Term Securities Strategic Securities Municipal Municipal Securities Fund Bond Fund Bond Fund Fund Income Fund Fund Bond Fund Bond Fund - --------------- --------- ---------- ------------- ----------- ---------- ------------ --------- $ -- $ 3 $ 18 $ 21 $ 4 $ 120 $ 8 $ 6 12,105 948 4,673 1,635 6,778 7,404 3,737 1,163 7 -- 57 -- 21 12 -- -- -- -- -- -- (11) -- -- -- ------- ------ ------- ------ ------- ------ ------ ------ 12,112 951 4,748 1,656 6,792 7,536 3,745 1,169 ------- ------ ------- ------ ------- ------ ------ ------ 1,654 152 981 496 903 1,199 622 177 102 9 60 31 43 64 38 11 9 7 10 8 15 8 -- 273 85 104 258 501 83 43 10 -- 6 2 53 6 2 1 9 1 5 3 4 6 3 1 5 -- 3 2 2 3 2 1 8 1 5 3 4 5 3 1 30 6 18 19 23 19 9 8 8 1 5 2 3 5 3 1 2 -- 1 1 1 1 1 -- 5 -- 3 2 1 6 3 1 ------- ------ ------- ------ ------- ------ ------ ------ 2,115 255 1,198 829 1,546 1,412 694 245 (127) (19) (74) (46) (106) (50) -- -- (3) (3) (4) (3) (4) (6) (2) (108) (3) (48) (149) (241) (9) (3) (3) -- (2) (1) (1) (2) (1) (1) ------- ------ ------- ------ ------- ------ ------ ------ 1,874 233 1,071 629 1,195 1,347 687 239 ------- ------ ------- ------ ------- ------ ------ ------ 10,238 718 3,677 1,027 5,597 6,189 3,058 930 ------- ------ ------- ------ ------- ------ ------ ------ (3,117) 164 209 (673) 8,052 (263) 968 75 -- -- -- -- (460) -- -- -- -- -- -- -- 92 -- -- -- 4,032 544 (1,274) 114 5,332 3,823 1,273 795 ------- ------ ------- ------ ------- ------ ------ ------ 915 708 (1,065) (559) 13,016 3,560 2,241 870 ------- ------ ------- ------ ------- ------ ------ ------ $11,153 $1,426 $ 2,612 $ 468 $18,613 $9,749 $5,299 $1,800 ======= ====== ======= ====== ======= ====== ====== ======
See notes to financial statements. 49 STATEMENTS OF CHANGES IN NET ASSETS (000) STI CLASSIC FIXED INCOME FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Year Ended May 31, 2004
Florida Tax-Exempt Georgia Tax-Exempt Bond Fund Bond Fund High Income Fund ---------------------- ---------------------- ---------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 --------- --------- --------- --------- --------- --------- Operations: Net Investment Income (Loss)....................... $ 2,514 $ 5,453 $ 999 $ 3,771 $ 4,681 $ 14,340 Net Realized Gain (Loss) on Investments Sold....... (134) 3,674 76 3,872 3,717 3,353 Net Change in Unrealized Appreciation (Depreciation) on Investments.................... 2,990 (13,497) 2,998 (10,196) 2,075 931 -------- -------- -------- -------- -------- --------- Increase (Decrease) in Net Assets from Operations....................................... 5,370 (4,370) 4,073 (2,553) 10,473 18,624 -------- -------- -------- -------- -------- --------- Dividends and Distributions to Shareholders: Net Investment Income: T Shares......................................... (2,260) (4,630) (1,549) (3,265) (2,169) (7,786) A Shares......................................... (91) (170) (41) (91) (52) (64) L Shares......................................... (178) (662) (146) (416) (2,428) (6,492) Realized Capital Gains: T Shares......................................... -- (3,033) -- (694) -- -- A Shares......................................... -- (106) -- (19) -- -- L Shares......................................... -- (513) -- (114) -- -- -------- -------- -------- -------- -------- --------- Total Dividends and Distributions................ (2,529) (9,114) (1,736) (4,599) (4,649) (14,342) -------- -------- -------- -------- -------- --------- Capital Transactions: Proceeds from Shares Issued........................ 14,637 92,618 7,639 23,089 16,520 92,533 Reinvestment of Cash Distributions................. 452 3,163 390 1,199 3,165 7,429 Cost of Shares Redeemed............................ (31,143) (87,229) (18,850) (21,024) (56,368) (120,999) -------- -------- -------- -------- -------- --------- Increase (Decrease) in Net Assets from Capital Transactions..................................... (16,054) 8,552 (10,821) 3,264 (36,683) (21,037) -------- -------- -------- -------- -------- --------- Total Increase (Decrease) in Net Assets............ (13,213) (4,932) (8,484) (3,888) (30,859) (16,755) -------- -------- -------- -------- -------- --------- Net Assets: Beginning of Period................................ 190,923 195,855 114,199 118,087 148,515 165,270 -------- -------- -------- -------- -------- --------- End of Period...................................... $177,710 $190,923 $105,715 $114,199 $117,656 $ 148,515 ======== ======== ======== ======== ======== ========= Undistributed Net Investment Income (Loss), End of Period............................................. $ (11) $ 4 $ (735) $ 2 $ 31 $ (1) ======== ======== ======== ======== ======== =========
Amounts designated as "--" are either $0 or have been rounded to $0. 50
Investment Grade Limited-Term Investment Grade Tax-Exempt Federal Mortgage Maryland Municipal Bond Fund Bond Fund Securities Fund Bond Fund - --------------------- --------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 - --------- --------- --------- --------- --------- --------- --------- --------- $ 10,496 $ 24,241 $ 2,909 $ 5,375 $ 10,238 $ 12,288 $ 718 $ 1,619 (471) 16,393 2,917 1,822 (3,117) (562) 164 500 13,590 (60,476) 2,609 (8,837) 4,032 (17,136) 544 (3,073) - --------- --------- -------- -------- -------- --------- ------- -------- 23,615 (19,842) 8,435 (1,640) 11,153 (5,410) 1,426 (954) - --------- --------- -------- -------- -------- --------- ------- -------- (9,016) (24,510) (2,734) (4,556) (7,835) (12,201) (526) (996) (421) (1,058) (192) (394) (134) (300) (256) (857) (153) (418) (779) (2,707) (215) (620) -- -- -- (4,156) -- -- -- (546) -- -- -- (418) -- -- -- -- -- (595) -- -- -- (459) - --------- --------- -------- -------- -------- --------- ------- -------- (9,693) (26,425) (3,079) (10,537) (8,748) (15,208) (741) (2,621) - --------- --------- -------- -------- -------- --------- ------- -------- 52,288 148,992 42,096 91,481 63,711 302,136 5,722 12,131 4,729 12,509 754 3,852 3,322 6,589 310 1,421 (110,296) (375,325) (32,245) (75,760) (84,078) (273,763) (9,000) (21,402) - --------- --------- -------- -------- -------- --------- ------- -------- (53,279) (213,824) 10,605 19,573 (17,045) 34,962 (2,968) (7,850) - --------- --------- -------- -------- -------- --------- ------- -------- (39,357) (260,091) 15,961 7,396 (14,640) 14,344 (2,283) (11,425) - --------- --------- -------- -------- -------- --------- ------- -------- 633,935 894,026 247,321 239,925 514,941 500,597 48,632 60,057 - --------- --------- -------- -------- -------- --------- ------- -------- $ 594,578 $ 633,935 $263,282 $247,321 $500,301 $ 514,941 $46,349 $ 48,632 ========= ========= ======== ======== ======== ========= ======= ======== $ 809 $ 6 $ (161) $ 9 $ 1,498 $ 8 $ (40) $ (17) ========= ========= ======== ======== ======== ========= ======= ========
See notes to financial statements. 51 STATEMENTS OF CHANGES IN NET ASSETS (000) STI CLASSIC FIXED INCOME FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Year Ended May 31, 2004
Short-Term U.S. Treasury Short-Term Bond Fund Securities Fund ---------------------- ------------------------ 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 --------- --------- ---------- ---------- Operations: Net Investment Income (Loss).............................. $ 3,677 $ 7,861 $ 1,027 $ 2,576 Net Realized Gain (Loss) on Investments Sold.............. 209 1,780 (673) 1,438 Net Realized Gain (Loss) on Forward Foreign Currencies and Foreign Currency Transactions........................... -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency........................................ -- -- -- -- Net Change in Unrealized Appreciation (Depreciation) on Investments............................................. (1,274) (8,220) 114 (4,029) -------- --------- -------- --------- Increase (Decrease) in Net Assets from Operations......... 2,612 1,421 468 (15) -------- --------- -------- --------- Dividends and Distributions to Shareholders: Net Investment Income: T Shares................................................ (3,314) (7,288) (676) (1,437) A Shares................................................ (69) (147) (77) (199) L Shares................................................ (188) (569) (275) (940) Realized Capital Gains: T Shares................................................ -- -- -- (1,216) A Shares................................................ -- -- -- (199) L Shares................................................ -- -- -- (1,134) -------- --------- -------- --------- Total Dividends and Distributions....................... (3,571) (8,004) (1,028) (5,125) -------- --------- -------- --------- Capital Transactions: Proceeds from Shares Issued............................... 29,314 126,451 16,914 44,621 Reinvestment of Cash Distributions........................ 1,239 2,869 429 2,837 Cost of Shares Redeemed................................... (55,669) (152,142) (51,015) (139,824) -------- --------- -------- --------- Increase (Decrease) in Net Assets from Capital Transactions............................................ (25,116) (22,822) (33,672) (92,366) -------- --------- -------- --------- Total Increase (Decrease) in Net Assets................... (26,075) (29,405) (34,232) (97,506) -------- --------- -------- --------- Net Assets: Beginning of Period....................................... 311,596 341,001 167,426 264,932 -------- --------- -------- --------- End of Period............................................. $285,521 $ 311,596 $133,194 $ 167,426 ======== ========= ======== ========= Undistributed Net Investment Income (Loss), End of Period... $ 116 $ 10 $ (1) $ -- ======== ========= ======== =========
Amounts designated as "--" are either $0 or have been rounded to $0. 52
U.S. Government Virginia Intermediate Virginia Municipal Strategic Income Fund Securities Fund Municipal Bond Fund Bond Fund - --------------------- --------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 - --------- --------- --------- --------- --------- --------- --------- --------- $ 5,597 $ 11,471 $ 6,189 $ 8,954 $ 3,058 $ 6,533 $ 930 $ 1,946 8,052 872 (263) (1,679) 968 1,253 75 1,373 (460) 2,117 -- -- -- -- -- -- 92 42 -- -- -- -- -- -- 5,332 (6,647) 3,823 (13,732) 1,273 (9,858) 795 (4,048) - -------- --------- -------- --------- -------- -------- ------- -------- 18,613 7,855 9,749 (6,457) 5,299 (2,072) 1,800 (729) - -------- --------- -------- --------- -------- -------- ------- -------- (2,786) (3,651) (5,453) (9,197) (2,918) (6,203) (819) (1,596) (106) (81) (126) (243) (165) (324) (2) -- (2,343) (7,336) (223) (696) (110) (353) -- (423) -- (922) -- (1,617) -- (996) -- (19) -- (24) -- (78) -- -- -- (792) -- (92) -- (278) - -------- --------- -------- --------- -------- -------- ------- -------- (5,235) (12,302) (5,802) (11,174) (3,083) (8,222) (931) (3,223) - -------- --------- -------- --------- -------- -------- ------- -------- 29,578 141,727 40,660 153,868 9,368 24,871 6,547 11,096 2,279 6,473 1,670 4,286 174 1,593 109 935 (48,113) (115,657) (51,392) (121,390) (16,550) (40,962) (5,984) (19,794) - -------- --------- -------- --------- -------- -------- ------- -------- (16,256) 32,543 (9,062) 36,764 (7,008) (14,498) 672 (7,763) - -------- --------- -------- --------- -------- -------- ------- -------- (2,878) 28,096 (5,115) 19,133 (4,792) (24,792) 1,541 (11,715) - -------- --------- -------- --------- -------- -------- ------- -------- 219,967 191,871 326,474 307,341 192,124 216,916 53,343 65,058 - -------- --------- -------- --------- -------- -------- ------- -------- $217,089 $ 219,967 $321,359 $ 326,474 $187,332 $192,124 $54,884 $ 53,343 ======== ========= ======== ========= ======== ======== ======= ======== $ (666) $ (1,028) $ 388 $ 1 $ (6) $ 19 $ -- $ 1 ======== ========= ======== ========= ======== ======== ======= ========
See notes to financial statements. 53 FINANCIAL HIGHLIGHTS STI CLASSIC FIXED INCOME FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Value, Net and Unrealized Dividends from Beginning of Investment Gains (Losses) Total From Net Investment Period Income (Loss) on Investments Operations Income ------------ ------------- -------------- ---------- -------------- FLORIDA TAX-EXEMPT BOND FUND T Shares 2004* $10.93 $0.16 $ 0.17 $ 0.33 $(0.16) 2004 11.69 0.32(a) (0.56)(a) (0.24) (0.32) 2003 10.95 0.40 0.79 1.19 (0.40) 2002 10.79 0.40 0.22 0.62 (0.40) 2001 10.06 0.44 0.73 1.17 (0.44) 2000 10.59 0.44 (0.49) (0.05) (0.44) A Shares 2004* $10.93 $0.15 $ 0.17 $ 0.32 $(0.15) 2004 11.69 0.30(a) (0.56)(a) (0.26) (0.30) 2003 10.95 0.38 0.79 1.17 (0.38) 2002 10.79 0.38 0.22 0.60 (0.38) 2001 10.07 0.42 0.72 1.14 (0.42) 2000 10.60 0.42 (0.49) (0.07) (0.42) L Shares 2004* $10.96 $0.12 $ 0.16 $ 0.28 $(0.12) 2004 11.71 0.24(a) (0.55)(a) (0.31) (0.24) 2003 10.97 0.32 0.79 1.11 (0.32) 2002 10.81 0.32 0.22 0.54 (0.32) 2001 10.09 0.37 0.72 1.09 (0.37) 2000 10.62 0.36 (0.49) (0.13) (0.36) GEORGIA TAX-EXEMPT BOND FUND T Shares 2004* $10.24 $0.10 $ 0.28 $ 0.38 $(0.17) 2004 10.89 0.34(a) (0.58)(a) (0.24) (0.34) 2003 10.29 0.38 0.60 0.98 (0.38) 2002 10.10 0.39 0.19 0.58 (0.39) 2001 9.50 0.40 0.60 1.00 (0.40) 2000 10.03 0.40 (0.49) (0.09) (0.40) A Shares 2004* $10.25 $0.09 $ 0.29 $ 0.38 $(0.16) 2004 10.90 0.32(a) (0.58)(a) (0.26) (0.32) 2003 10.31 0.35 0.59 0.94 (0.35) 2002 10.12 0.37 0.19 0.56 (0.37) 2001 9.51 0.38 0.61 0.99 (0.38) 2000 10.05 0.38 (0.50) (0.12) (0.38) L Shares 2004* $10.25 $0.06 $ 0.28 $ 0.34 $(0.13) 2004 10.90 0.27(a) (0.58)(a) (0.31) (0.27) 2003 10.30 0.30 0.60 0.90 (0.30) 2002 10.11 0.32 0.19 0.51 (0.32) 2001 9.51 0.33 0.60 0.93 (0.33) 2000 10.04 0.33 (0.49) (0.16) (0.33) HIGH INCOME FUND (b) T Shares 2004* $ 7.38 $0.29 $ 0.35 $ 0.64 $(0.29) 2004 7.16 0.62(a) 0.22(a) 0.84 (0.62) 2003 7.25 0.61 (0.09) 0.52 (0.61) 2002 (c) 7.37 0.39 (0.12) 0.27 (0.39) A Shares 2004* $ 7.38 $0.28 $ 0.36 $ 0.64 $(0.28) 2004 (d) 7.39 0.35(a) (0.01)(a) 0.34 (0.35) L Shares 2004* $ 7.38 $0.26 $ 0.35 $ 0.61 $(0.26) 2004 7.16 0.57(a) 0.22(a) 0.79 (0.57) 2003 7.25 0.57 (0.09) 0.48 (0.57) 2002 7.69 0.55 (0.44) 0.11 (0.55) 2001 7.88 0.55 (0.19) 0.36 (0.55) 2000 (e) 7.98 0.09 (0.10) (0.01) (0.09) For the years ended March 31: 2000 9.77 0.87 (1.85) (0.98) (0.81) Distributions Total from Realized Dividends and Capital Gains Distributions ------------- ------------- FLORIDA TAX-EXEMPT BOND FUND T Shares $ -- $(0.16) (0.20) (0.52) (0.05) (0.45) (0.06) (0.46) -- (0.44) (0.04) (0.48) A Shares $ -- $(0.15) (0.20) (0.50) (0.05) (0.43) (0.06) (0.44) -- (0.42) (0.04) (0.46) L Shares $ -- $(0.12) (0.20) (0.44) (0.05) (0.37) (0.06) (0.38) -- (0.37) (0.04) (0.40) GEORGIA TAX-EXEMPT BOND FUND T Shares $ -- $(0.17) (0.07) (0.41) -- (0.38) -- (0.39) -- (0.40) (0.04) (0.44) A Shares $ -- $(0.16) (0.07) (0.39) -- (0.35) -- (0.37) -- (0.38) (0.04) (0.42) L Shares $ -- $(0.13) (0.07) (0.34) -- (0.30) -- (0.32) -- (0.33) (0.04) (0.37) HIGH INCOME FUND (b) T Shares $ -- $(0.29) -- (0.62) -- (0.61) -- (0.39) A Shares $ -- $(0.28) -- (0.35) L Shares $ -- $(0.26) -- (0.57) -- (0.57) -- (0.55) -- (0.55) -- (0.09) For the years ended March 31: -- (0.81)
54
Ratio of Net Ratio of Expenses to Net Assets Net Assets, Ratio of Net Investment Income Average Net Assets Portfolio Value, End Total End of Expenses to (Loss) to Average (Excluding Waivers Turnover of Period Return+ Period (000) Average Net Assets Net Assets and Reimbursements) Rate - ---------- ------- ------------ ------------------ ------------------ -------------------- --------- $11.10 2.99% $154,921 0.68% 2.80% 0.72% 37% 10.93 (2.07) 165,065 0.71 2.82 0.75 56 11.69 11.13 147,423 0.71 3.54 0.75 62 10.95 5.88 120,885 0.71 3.65 0.76 91 10.79 11.84 107,867 0.71 4.19 0.76 59 10.06 (0.48) 93,040 0.67 4.25 0.78 88 $11.10 2.90% $ 7,175 0.86% 2.61% 0.95% 37% 10.93 (2.28) 5,906 0.92 2.62 1.13 56 11.69 10.89 8,191 0.92 3.29 1.13 62 10.95 5.66 2,935 0.92 3.44 1.37 91 10.79 11.50 2,747 0.91 4.00 1.38 59 10.07 (0.68) 2,875 0.87 4.05 1.36 88 $11.12 2.51% $ 15,614 1.42% 2.05% 1.75% 37% 10.96 (2.68) 19,952 1.42 2.14 1.81 56 11.71 10.32 40,241 1.42 2.81 1.80 62 10.97 5.15 21,897 1.42 2.93 1.84 91 10.81 10.95 12,806 1.41 3.49 1.89 59 10.09 (1.17) 9,791 1.37 3.54 1.89 88 $10.45 3.68% $ 91,719 0.68% 1.86% 0.72% 33% 10.24 (2.18) 98,113 0.71 3.26 0.76 100 10.89 9.64 98,866 0.71 3.55 0.76 17 10.29 5.81 91,356 0.71 3.79 0.76 23 10.10 10.67 85,880 0.71 4.03 0.77 21 9.50 0.90 81,160 0.67 4.13 0.77 19 $10.47 3.68% $ 2,807 0.86% 1.62% 1.04% 33% 10.25 (2.39) 2,735 0.92 3.06 1.36 100 10.90 9.29 2,630 0.92 3.34 1.41 17 10.31 5.58 2,844 0.92 3.58 1.36 23 10.12 10.56 2,901 0.91 3.83 1.42 21 9.51 (1.26) 2,458 0.87 3.93 1.40 19 $10.46 3.30% $ 11,189 1.42% 1.15% 1.75% 33% 10.25 (2.87) 13,351 1.42 2.55 1.84 100 10.90 8.86 16,591 1.42 2.84 1.84 17 10.30 5.07 14,269 1.42 3.08 1.84 23 10.11 9.92 14,079 1.41 3.33 1.89 21 9.51 (1.59) 8,827 1.37 3.43 1.95 19 $ 7.73 8.79% $ 53,061 0.73% 7.79% 0.87% 114% 7.38 11.94 71,314 0.76 8.27 0.91 49 7.16 8.19 100,852 0.78 8.95 0.93 20 7.25 3.70 28,767 0.82 8.27 0.97 59 $ 7.74 8.76% $ 661 1.03% 7.59% 1.51% 114% 7.38 4.61 1,508 1.10 7.80 1.88 49 $ 7.73 8.42% $ 63,934 1.40% 7.06% 1.90% 114% 7.38 11.23 75,693 1.40 7.62 1.98 49 7.16 7.52 64,418 1.40 8.43 2.00 20 7.25 1.46 46,864 1.40 7.35 2.02 59 7.69 4.74 19,875 1.40 6.88 2.13 10 7.88 (0.13) 3,075 1.40 6.57 2.83 -- 7.98 (10.84) 2,032 1.73 8.94 2.95 24
See notes to financial highlights and notes to financial statements. 55 FINANCIAL HIGHLIGHTS STI CLASSIC FIXED INCOME FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Value, Net and Unrealized Dividends from Beginning of Investment Gains (Losses) Total From Net Investment Period Income (Loss) on Investments Operations Income ------------ ------------- -------------- ---------- -------------- INVESTMENT GRADE BOND FUND T Shares 2004* $10.31 $0.18 $ 0.23 $ 0.41 $(0.17) 2004 10.94 0.35(a) (0.60)(a) (0.25) (0.38) 2003 10.24 0.40 0.76 1.16 (0.46) 2002 10.23 0.51 0.01 0.52 (0.51) 2001 9.58 0.61 0.65 1.26 (0.61) 2000 10.36 0.61 (0.78) (0.17) (0.61) A Shares 2004* $10.31 $0.16 $ 0.22 $ 0.38 $(0.15) 2004 10.94 0.31(a) (0.60)(a) (0.29) (0.34) 2003 10.24 0.38 0.74 1.12 (0.42) 2002 10.23 0.48 0.01 0.49 (0.48) 2001 9.58 0.57 0.65 1.22 (0.57) 2000 10.36 0.57 (0.78) (0.21) (0.57) L Shares 2004* $10.31 $0.13 $ 0.23 $ 0.36 $(0.12) 2004 10.95 0.25(a) (0.60)(a) (0.35) (0.29) 2003 10.25 0.31 0.76 1.07 (0.37) 2002 10.24 0.42 0.01 0.43 (0.42) 2001 9.59 0.53 0.65 1.18 (0.53) 2000 10.37 0.52 (0.78) (0.26) (0.52) INVESTMENT GRADE TAX-EXEMPT BOND FUND T Shares 2004* $11.44 $0.13 $ 0.26 $ 0.39 $(0.14) 2004 12.01 0.27(a) (0.32)(a) (0.05) (0.27) 2003 11.57 0.30 0.90 1.20 (0.30) 2002 11.38 0.34 0.46 0.80 (0.34) 2001 10.67 0.44 0.71 1.15 (0.44) 2000 11.10 0.43 (0.29) 0.14 (0.43) A Shares 2004* $11.46 $0.11 $ 0.25 $ 0.36 $(0.12) 2004 12.03 0.23(a) (0.33)(a) (0.10) (0.22) 2003 11.58 0.25 0.91 1.16 (0.25) 2002 11.39 0.29 0.46 0.75 (0.29) 2001 10.68 0.40 0.71 1.11 (0.40) 2000 11.12 0.39 (0.30) 0.09 (0.39) L Shares 2004* $11.44 $0.08 $ 0.25 $ 0.33 $(0.09) 2004 12.01 0.17(a) (0.32)(a) (0.15) (0.17) 2003 11.57 0.20 0.90 1.10 (0.20) 2002 11.38 0.24 0.46 0.70 (0.24) 2001 10.67 0.34 0.71 1.05 (0.34) 2000 11.10 0.34 (0.29) 0.05 (0.34) LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND T Shares 2004* $10.18 $0.21 $ 0.01 $ 0.22 $(0.18) 2004 10.59 0.24(a) (0.36)(a) (0.12) (0.29) 2003 10.31 0.29(a) 0.42(a) 0.71 (0.42) 2002 10.01 0.43 0.32 0.75 (0.43) 2001 9.62 0.55 0.39 0.94 (0.55) 2000 9.94 0.55 (0.32) 0.23 (0.55) A Shares 2004* $10.16 $0.20 $ 0.02 $ 0.22 $(0.17) 2004 10.57 0.21(a) (0.35)(a) (0.14) (0.27) 2003 10.29 0.24(a) 0.44(a) 0.68 (0.39) 2002 10.00 0.40 0.31 0.71 (0.40) 2001 9.60 0.53 0.40 0.93 (0.53) 2000 9.93 0.52 (0.33) 0.19 (0.52) L Shares 2004* $10.18 $0.18 $ 0.02 $ 0.20 $(0.15) 2004 10.59 0.17(a) (0.35)(a) (0.18) (0.23) 2003 10.31 0.21(a) 0.43(a) 0.64 (0.35) 2002 10.02 0.37 0.31 0.68 (0.37) 2001 9.62 0.50 0.40 0.90 (0.50) 2000 9.94 0.49 (0.32) 0.17 (0.49) Distributions Total from Realized Dividends and Capital Gains Distributions ------------- ------------- INVESTMENT GRADE BOND FUND T Shares $ -- $(0.17) -- (0.38) -- (0.46) -- (0.51) -- (0.61) -- (0.61) A Shares $ -- $(0.15) -- (0.34) -- (0.42) -- (0.48) -- (0.57) -- (0.57) L Shares $ -- $(0.12) -- (0.29) -- (0.37) -- (0.42) -- (0.53) -- (0.52) INVESTMENT GRADE TAX-EXEMPT BOND FUND T Shares $ -- $(0.14) (0.25) (0.52) (0.46) (0.76) (0.27) (0.61) -- (0.44) (0.14) (0.57) A Shares $ -- $(0.12) (0.25) (0.47) (0.46) (0.71) (0.27) (0.56) -- (0.40) (0.14) (0.53) L Shares $ -- $(0.09) (0.25) (0.42) (0.46) (0.66) (0.27) (0.51) -- (0.34) (0.14) (0.48) LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND T Shares $ -- $(0.18) -- (0.29) (0.01) (0.43) (0.02) (0.45) -- (0.55) -- (0.55) A Shares $ -- $(0.17) -- (0.27) (0.01) (0.40) (0.02) (0.42) -- (0.53) -- (0.52) L Shares $ -- $(0.15) -- (0.23) (0.01) (0.36) (0.02) (0.39) -- (0.50) -- (0.49)
56
Ratio of Net Ratio of Expenses to Net Assets Net Assets, Ratio of Net Investment Income Average Net Assets Portfolio Value, End Total End of Expenses to (Loss) to Average (Excluding Waivers Turnover of Period Return+ Period (000) Average Net Assets Net Assets and Reimbursements) Rate - ---------- ------- ------------ ------------------ ------------------ -------------------- --------- $10.55 3.98% $548,846 0.78% 3.48% 0.80% 151% 10.31 (2.31) 578,345 0.82 3.29 0.84 119 10.94 11.61 821,342 0.81 3.92 0.83 137 10.24 5.18 886,471 0.81 4.81 0.83 123 10.23 13.55 860,073 0.81 6.17 0.84 131 9.58 (1.76) 998,596 0.77 6.05 0.84 202 $10.54 3.67% $ 25,328 1.22% 3.08% 1.28% 151% 10.31 (2.70) 31,263 1.22 2.90 1.38 119 10.94 11.16 34,874 1.22 3.45 1.38 137 10.24 4.81 20,825 1.22 4.40 1.40 123 10.23 13.09 21,244 1.21 5.77 1.42 131 9.58 (2.17) 22,553 1.17 5.60 1.37 202 $10.55 3.50% $ 20,404 1.71% 2.57% 1.87% 151% 10.31 (3.27) 24,327 1.71 2.40 2.00 119 10.95 10.61 37,810 1.71 3.01 1.97 137 10.25 4.27 36,200 1.71 3.90 1.96 123 10.24 12.54 25,791 1.70 5.24 1.99 131 9.59 (2.63) 20,056 1.66 5.14 1.99 202 $11.69 3.45% $227,928 0.77% 2.33% 0.80% 114% 11.44 (0.45) 205,266 0.81 2.33 0.84 242 12.01 10.80 185,485 0.81 2.57 0.84 329 11.57 7.15 149,200 0.81 2.93 0.84 311 11.38 10.93 134,139 0.81 3.93 0.85 285 10.67 1.41 117,384 0.77 3.98 0.83 226 $11.70 3.14% $ 17,860 1.22% 1.91% 1.26% 114% 11.46 (0.85) 19,086 1.22 1.92 1.36 242 12.03 10.42 21,756 1.22 2.16 1.36 329 11.58 6.71 20,436 1.22 2.51 1.36 311 11.39 10.48 18,601 1.21 3.54 1.37 285 10.68 0.90 19,443 1.17 3.59 1.33 226 $11.68 2.89% $ 17,494 1.70% 1.41% 1.84% 114% 11.44 (1.33) 22,969 1.70 1.45 1.92 242 12.01 9.82 32,684 1.70 1.68 1.91 329 11.57 6.21 24,587 1.70 2.03 1.92 311 11.38 9.97 20,010 1.69 3.04 1.96 285 10.67 0.52 14,678 1.65 3.11 1.95 226 $10.22 2.17% $449,916 0.68% 4.09% 0.71% 27% 10.18 (1.10) 435,446 0.70 2.32 0.75 146 10.59 6.99 320,718 0.70 2.79 0.75 117 10.31 7.53 164,624 0.70 3.72 0.75 410 10.01 10.02 107,674 0.70 5.62 0.76 532 9.62 2.33 125,355 0.67 5.60 0.79 384 $10.21 2.15% $ 5,484 0.91% 3.91% 1.03% 27% 10.16 (1.36) 9,495 0.96 2.06 1.17 146 10.57 6.72 13,668 0.96 2.33 1.20 117 10.29 7.16 1,578 0.96 3.50 2.06 410 10.00 9.84 849 0.95 5.39 2.28 532 9.60 1.93 1,194 0.92 5.31 1.09 384 $10.23 1.94% $ 44,901 1.31% 3.46% 1.76% 27% 10.18 (1.71) 70,000 1.31 1.68 1.82 146 10.59 6.33 166,211 1.31 1.97 1.80 117 10.31 6.83 15,930 1.31 2.88 1.98 410 10.02 9.50 3,452 1.30 4.99 2.60 532 9.62 1.71 1,706 1.27 4.97 2.38 384
See notes to financial highlights and notes to financial statements. 57 FINANCIAL HIGHLIGHTS STI CLASSIC FIXED INCOME FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Value, Net and Unrealized Dividends from Beginning of Investment Gains (Losses) Total From Net Investment Period Income (Loss) on Investments Operations Income ------------ ------------- -------------- ---------- -------------- MARYLAND MUNICIPAL BOND FUND T Shares 2004* $10.27 $0.17 $ 0.16 $ 0.33 $(0.18) 2004 10.94 0.36(a). (0.47)(a) (0.11) (0.36) 2003 10.32 0.37 0.63 1.00 (0.37) 2002 10.12 0.38 0.20 0.58 (0.38) 2001 9.46 0.42 0.66 1.08 (0.42) 2000 10.06 0.42 (0.60) (0.18) (0.42) L Shares 2004* $10.29 $0.12 $ 0.16 $ 0.28 $(0.13) 2004 10.96 0.26(a). (0.47)(a) (0.21) (0.26) 2003 10.34 0.27 0.63 0.90 (0.27) 2002 10.14 0.29 0.20 0.49 (0.29) 2001 9.48 0.33 0.66 0.99 (0.33) 2000 10.08 0.33 (0.60) (0.27) (0.33) SHORT-TERM BOND FUND T Shares 2004* $ 9.84 $0.12 $(0.03) $ 0.09 $(0.12) 2004 10.04 0.24(a). (0.19)(a) 0.05 (0.25) 2003 10.01 0.33 0.03 0.36 (0.33) 2002 10.04 0.46 (0.03) 0.43 (0.46) 2001 9.65 0.56 0.39 0.95 (0.56) 2000 9.91 0.53 (0.25) 0.28 (0.53) A Shares 2004* $ 9.87 $0.11 $(0.03) $ 0.08 $(0.11) 2004 10.07 0.22(a). (0.20)(a) 0.02 (0.22) 2003 10.04 0.31 0.03 0.34 (0.31) 2002 10.06 0.44 (0.02) 0.42 (0.44) 2001 9.67 0.54 0.39 0.93 (0.54) 2000 9.93 0.51 (0.25) 0.26 (0.51) L Shares 2004* $ 9.86 $0.09 $(0.03) $ 0.06 $(0.09) 2004 10.06 0.19(a). (0.20)(a) (0.01) (0.19) 2003 10.03 0.28 0.03 0.31 (0.28) 2002 10.06 0.40 (0.03) 0.37 (0.40) 2001 9.67 0.52 0.39 0.91 (0.52) 2000 9.93 0.48 (0.25) 0.23 (0.48) SHORT-TERM U.S. TREASURY SECURITIES FUND T Shares 2004* $10.11 $0.08 $(0.04) $ 0.04 $(0.08) 2004 10.36 0.14(a). (0.13)(a) 0.01 (0.14) 2003 10.20 0.22 0.22 0.44 (0.22) 2002 10.13 0.37 0.10 0.47 (0.37) 2001 9.85 0.49 0.28 0.77 (0.49) 2000 9.95 0.46 (0.10) 0.36 (0.46) A Shares 2004* $10.10 $0.07 $(0.04) $ 0.03 $(0.07) 2004 10.35 0.12(a). (0.13)(a) (0.01) (0.12) 2003 10.19 0.20 0.22 0.42 (0.20) 2002 10.13 0.35 0.09 0.44 (0.35) 2001 9.85 0.48 0.28 0.76 (0.48) 2000 9.95 0.45 (0.10) 0.35 (0.45) L Shares 2004* $10.09 $0.05 $(0.04) $ 0.01 $(0.05) 2004 10.34 0.10(a). (0.13)(a) (0.03) (0.10) 2003 10.18 0.17 0.22 0.39 (0.17) 2002 10.11 0.33 0.10 0.43 (0.33) 2001 9.83 0.46 0.28 0.74 (0.46) 2000 9.93 0.42 (0.10) 0.32 (0.42) Distributions Total from Realized Dividends and Capital Gains Distributions ------------- ------------- MARYLAND MUNICIPAL BOND FUND T Shares $ -- $(0.18) (0.20) (0.56) (0.01) (0.38) -- (0.38) -- (0.42) -- (0.42) L Shares $ -- $(0.13) (0.20) (0.46) (0.01) (0.28) -- (0.29) -- (0.33) -- (0.33) SHORT-TERM BOND FUND T Shares $ -- $(0.12) -- (0.25) -- (0.33) -- (0.46) -- (0.56) (0.01) (0.54) A Shares $ -- $(0.11) -- (0.22) -- (0.31) -- (0.44) -- (0.54) (0.01) (0.52) L Shares $ -- $(0.09) -- (0.19) -- (0.28) -- (0.40) -- (0.52) (0.01) (0.49) SHORT-TERM U.S. TREASURY SECURITIES FUND T Shares $ -- $(0.08) (0.12) (0.26) (0.06) (0.28) (0.03) (0.40) -- (0.49) -- (0.46) A Shares $ -- $(0.07) (0.12) (0.24) (0.06) (0.26) (0.03) (0.38) -- (0.48) -- (0.45) L Shares $ -- $(0.05) (0.12) (0.22) (0.06) (0.23) (0.03) (0.36) -- (0.46) -- (0.42)
58
Ratio of Net Ratio of Expenses to Net Assets Net Assets, Ratio of Net Investment Income Average Net Assets Portfolio Value, End Total End of Expenses to (Loss) to Average (Excluding Waivers Turnover of Period Return+ Period (000) Average Net Assets Net Assets and Reimbursements) Rate - ---------- ------- ------------ ------------------ ------------------ -------------------- --------- $10.42 3.26% $ 30,619 0.68% 3.43% 0.73% 13% 10.27 (1.06) 29,735 0.72 3.39 0.80 15 10.94 9.85 30,501 0.70 3.47 0.78 31 10.32 5.80 33,668 0.71 3.69 0.79 45 10.12 11.59 26,526 0.72 4.16 0.82 42 9.46 (1.78) 26,176 0.68 4.24 0.80 14 $10.44 2.76% $ 15,730 1.64% 2.45% 1.74% 13% 10.29 (1.97) 18,897 1.64 2.46 1.82 15 10.96 8.81 29,556 1.64 2.52 1.81 31 10.34 4.84 23,215 1.64 2.75 1.83 45 10.14 10.59 12,090 1.63 3.24 1.97 42 9.48 (2.66) 6,212 1.59 3.34 1.95 14 $ 9.81 0.91% $260,729 0.67% 2.48% 0.71% 31% 9.84 0.45 282,188 0.70 2.42 0.75 66 10.04 3.70 302,708 0.70 3.34 0.75 89 10.01 4.29 305,884 0.70 4.48 0.75 142 10.04 10.13 215,458 0.70 5.71 0.76 87 9.65 2.87 180,402 0.67 5.40 0.76 70 $ 9.84 0.80% $ 5,854 0.90% 2.27% 1.02% 31% 9.87 0.24 5,880 0.91 2.21 1.21 66 10.07 3.47 5,685 0.91 3.09 1.28 89 10.04 4.19 5,767 0.91 4.28 1.26 142 10.06 9.90 4,176 0.90 5.47 1.71 87 9.67 2.67 1,446 0.87 5.20 1.75 70 $ 9.83 0.61% $ 18,938 1.26% 1.89% 1.77% 31% 9.86 (0.11) 23,528 1.26 1.87 1.87 66 10.06 3.11 32,608 1.26 2.74 1.85 89 10.03 3.75 26,392 1.26 3.89 1.87 142 10.06 9.60 10,682 1.25 5.09 2.17 87 9.67 2.31 2,065 1.22 4.85 2.41 70 $10.07 0.36% $ 82,737 0.67% 1.51% 0.71% 54% 10.11 0.11 92,371 0.70 1.36 0.76 131 10.36 4.31 121,617 0.69 2.07 0.75 140 10.20 4.69 107,169 0.70 3.57 0.76 117 10.13 8.02 88,398 0.71 4.95 0.78 87 9.85 3.75 72,570 0.67 4.70 0.79 50 $10.06 0.28% $ 6,910 0.85% 1.34% 0.96% 54% 10.10 (0.06) 12,823 0.86 1.20 1.06 131 10.35 4.13 15,558 0.86 1.76 1.07 140 10.19 4.44 4,735 0.86 3.36 1.41 117 10.13 7.87 2,179 0.85 4.81 1.56 87 9.85 3.58 2,066 0.82 4.50 1.44 50 $10.05 0.14% $ 43,547 1.11% 1.06% 1.75% 54% 10.09 (0.30) 62,232 1.11 0.97 1.82 131 10.34 3.88 127,757 1.11 1.59 1.79 140 10.18 4.29 70,720 1.11 3.09 1.81 117 10.11 7.67 27,861 1.10 4.45 1.96 87 9.83 3.34 5,391 1.07 4.26 2.04 50
See notes to financial highlights and notes to financial statements. 59 FINANCIAL HIGHLIGHTS STI CLASSIC FIXED INCOME FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Value, Net and Unrealized Dividends from Beginning of Investment Gains (Losses) Total From Net Investment Period Income (Loss) on Investments Operations Income ------------ ------------- -------------- ---------- -------------- STRATEGIC INCOME FUND T Shares 2004* $ 9.81 $0.18 $ 0.72 $ 0.90 $(0.26) 2004 9.99 0.55(a) (0.14)(a) 0.41 (0.53) 2003 9.80 0.61 0.20 0.81 (0.62) 2002 (f) 10.00 0.27 (0.20) 0.07 (0.27) A Shares 2004* $ 9.82 $0.17 $ 0.72 $ 0.89 $(0.25) 2004 (g) 9.93 0.33(a) (0.07)(a) 0.26 (0.31) L Shares 2004* $ 9.81 $0.15 $ 0.72 $ 0.87 $(0.23) 2004 9.99 0.50(a) (0.14)(a) 0.36 (0.48) 2003 9.80 0.57 0.19 0.76 (0.57) 2002 (f) 10.00 0.25 (0.20) 0.05 (0.25) U.S. GOVERNMENT SECURITIES FUND T Shares 2004* $10.35 $0.20 $ 0.12 $ 0.32 $(0.19) 2004 10.93 0.31(a) (0.50)(a) (0.19) (0.35) 2003 10.47 0.44 0.51 0.95 (0.46) 2002 10.38 0.54 0.26 0.80 (0.54) 2001 9.86 0.58 0.52 1.10 (0.58) 2000 10.28 0.58 (0.42) 0.16 (0.58) A Shares 2004* $10.35 $0.18 $ 0.11 $ 0.29 $(0.17) 2004 10.93 0.27(a) (0.50)(a) (0.23) (0.31) 2003 10.47 0.40 0.51 0.91 (0.42) 2002 10.38 0.50 0.26 0.76 (0.50) 2001 9.86 0.54 0.52 1.06 (0.54) 2000 10.28 0.54 (0.42) 0.12 (0.54) L Shares 2004* $10.35 $0.15 $ 0.11 $ 0.26 $(0.14) 2004 10.93 0.22(a) (0.50)(a) (0.28) (0.26) 2003 10.48 0.34 0.50 0.84 (0.36) 2002 10.38 0.45 0.27 0.72 (0.45) 2001 9.86 0.49 0.52 1.01 (0.49) 2000 10.28 0.49 (0.42) 0.07 (0.49) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND T Shares 2004* $10.15 $0.17 $ 0.12 $ 0.29 $(0.17) 2004 10.68 0.34(a) (0.44)(a) (0.10) (0.34) 2003 10.29 0.36 0.49 0.85 (0.36) 2002 10.14 0.40 0.15 0.55 (0.40) 2001 9.58 0.42 0.56 0.98 (0.42) 2000 10.20 0.43 (0.57) (0.14) (0.43) A Shares 2004* $10.15 $0.16 $ 0.12 $ 0.28 $(0.16) 2004 10.68 0.33(a) (0.44)(a) (0.11) (0.33) 2003 10.29 0.36 0.49 0.85 (0.36) 2002 10.14 0.39 0.16 0.55 (0.40) 2001 9.59 0.42 0.55 0.97 (0.42) 2000 10.20 0.42 (0.56) (0.14) (0.42) VIRGINIA MUNICIPAL BOND FUND T Shares 2004* $10.37 $0.19 $ 0.17 $ 0.36 $(0.19) 2004 11.07 0.37(a) (0.47)(a) (0.10) (0.37) 2003 10.48 0.39 0.62 1.01 (0.39) 2002 10.29 0.41 0.19 0.60 (0.41) 2001 9.64 0.45 0.65 1.10 (0.45) 2000 10.43 0.45 (0.78) (0.33) (0.45) A Shares 2004 * $10.37 $0.18 $ 0.16 $ 0.34 $(0.18) 2004 (h) 10.28 0.02(a) 0.09(a) 0.11 (0.02) L Shares 2004* $10.42 $0.14 $ 0.17 $ 0.31 $(0.14) 2004 11.13 0.27(a) (0.48)(a) (0.21) (0.27) 2003 10.53 0.29 0.63 0.92 (0.29) 2002 10.34 0.31 0.19 0.50 (0.31) 2001 9.68 0.35 0.66 1.01 (0.35) 2000 10.48 0.36 0.79 (0.43) (0.36) Distributions Total from Realized Dividends and Capital Gains Distributions ------------- ------------- STRATEGIC INCOME FUND T Shares $ -- $(0.26) (0.06) (0.59) -- (0.62) -- (0.27) A Shares $ -- $(0.25) (0.06) (0.37) L Shares $ -- $(0.23) (0.06) (0.54) -- (0.57) -- (0.25) U.S. GOVERNMENT SECURITIES FUND T Shares $ -- $(0.19) (0.04) (0.39) (0.03) (0.49) (0.17) (0.71) -- (0.58) -- (0.58) A Shares $ -- $(0.17) (0.04) (0.35) (0.03) (0.45) (0.17) (0.67) -- (0.54) -- (0.54) L Shares $ -- $(0.14) (0.04) (0.30) (0.03) (0.39) (0.17) (0.62) -- (0.49) -- (0.49) VIRGINIA INTERMEDIATE MUNICIPAL BOND FUND T Shares $ -- $(0.17) (0.09) (0.43) (0.10) (0.46) -- (0.40) -- (0.42) (0.05) (0.48) A Shares $ -- $(0.16) (0.09) (0.42) (0.10) (0.46) -- (0.40) -- (0.42) (0.05) (0.47) VIRGINIA MUNICIPAL BOND FUND T Shares $ -- $(0.19) (0.23) (0.60) (0.03) (0.42) -- (0.41) -- (0.45) (0.01) (0.46) A Shares $ -- $(0.18) -- (0.02) L Shares $ -- $(0.14) (0.23) (0.50) (0.03) (0.32) -- (0.31) -- (0.35) (0.01) (0.37)
60
Ratio of Net Ratio of Expenses to Net Assets Net Assets, Ratio of Net Investment Income Average Net Assets Portfolio Value, End Total End of Expenses to (Loss) to Average (Excluding Waivers Turnover of Period Return+ Period (000) Average Net Assets Net Assets and Reimbursements) Rate - ---------- ------- ------------ ------------------ ------------------ -------------------- --------- $10.45 9.19% $121,274 0.87% 5.48% 0.96% 173% 9.81 4.15 98,570 0.90 5.53 1.00 95 9.99 8.73 61,906 0.91 6.39 1.01 52 9.80 0.74 43,717 0.94 6.07 1.04 43 $10.46 9.13% $ 4,467 1.15% 5.20% 1.39% 173% 9.82 2.59 4,181 1.15 5.15 1.60 95 $10.45 9.01% $ 91,348 1.43% 5.02% 1.98% 173% 9.81 3.59 117,216 1.43 4.98 2.03 95 9.99 8.16 129,965 1.43 5.67 2.04 52 9.80 0.55 39,490 1.53 5.49 2.07 43 $10.48 3.11% $303,248 0.77% 3.87% 0.80% 28% 10.35 (1.77) 298,997 0.81 2.95 0.84 240 10.93 9.25 258,585 0.81 4.00 0.84 150 10.47 7.90 168,609 0.82 5.09 0.85 262 10.38 11.41 148,666 0.81 5.66 0.85 207 9.86 1.63 85,420 0.77 5.77 0.84 29 $10.47 2.83% $ 3,487 1.19% 3.55% 1.30% 28% 10.35 (2.17) 8,484 1.22 2.54 1.52 240 10.93 8.79 9,333 1.22 3.59 1.45 150 10.47 7.47 8,483 1.22 4.70 1.40 262 10.38 10.95 6,617 1.21 5.21 1.83 207 9.86 1.19 1,407 1.17 5.34 2.14 29 $10.47 2.54% $ 14,624 1.73% 2.93% 1.86% 28% 10.35 (2.67) 18,993 1.73 2.04 1.97 240 10.93 8.14 39,423 1.73 3.10 1.93 150 10.48 7.06 31,922 1.73 4.17 1.93 262 10.38 10.45 21,617 1.72 4.71 2.04 207 9.86 0.70 7,750 1.68 4.85 2.28 29 $10.27 2.83% $177,882 0.71% 3.21% 0.71% 25% 10.15 (1.00) 181,558 0.75 3.23 0.75 26 10.68 8.43 206,432 0.75 3.45 0.75 30 10.29 5.52 191,406 0.75 3.86 0.75 33 10.14 10.39 194,849 0.73 4.23 0.75 32 9.58 (1.31) 202,209 0.76 4.35 0.76 18 $10.27 2.79% $ 9,450 0.79% 3.14% 0.91% 25% 10.15 (1.04) 10,566 0.79 3.19 1.04 26 10.68 8.38 10,484 0.79 3.40 1.07 30 10.29 5.47 7,257 0.79 3.82 1.11 33 10.14 10.23 6,197 0.76 4.20 1.11 32 9.59 (1.24) 6,808 0.79 4.33 0.94 18 $10.54 3.47% $ 47,200 0.72% 3.57% 0.72% 24% 10.37 (0.90) 43,491 0.77 3.47 0.77 33 11.07 9.86 48,102 0.77 3.67 0.77 18 10.48 5.90 56,586 0.77 3.90 0.77 38 10.29 11.51 56,573 0.77 4.40 0.78 60 9.64 (3.18) 48,980 0.74 4.53 0.79 19 $10.53 3.30% $ 111 0.88% 3.53% 4.56% 24% 10.37 1.07 129 0.93 3.95 71.10++ 33 $10.59 2.95% $ 7,573 1.70% 2.58% 1.76% 24% 10.42 (1.90) 9,723 1.70 2.54 1.86 33 11.13 8.89 16,956 1.70 2.71 1.85 18 10.53 4.93 13,428 1.70 2.97 1.88 38 10.34 10.58 7,983 1.69 3.47 2.00 60 9.68 (4.13) 5,367 1.65 3.61 2.08 19
See notes to financial highlights and notes to financial statements. 61 NOTES TO FINANCIAL HIGHLIGHTS * For the six months ended November 30, 2004. All ratios for the period have been annualized. + Returns are for the period indicated and have not been annualized. Total return figures do not reflect applicable sales loads. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. ++ Ratio reflects the impact of the initial low level of average net assets associated with commencement of operations. (a) Per share data was calculated using the average shares method. (b) On March 28, 2000, the ESC Strategic Income Fund exchanged all of its assets and liabilities for shares of the High Income Fund. The ESC Strategic Income Fund is the accounting survivor in this transaction, and as a result, its basis of accounting for assets and liabilities and its operating results for the periods prior to March 28, 2000 have been carried forward in these financial highlights. Subsequent to the merger, the High Income Fund changed its fiscal year end to May 31. (c) Commencement of operations on October 3, 2001. All ratios for the period have been annualized. (d) Commencement of operations on October 27, 2003. All ratios for the period have been annualized. (e) For the two month period ended May 31, 2000. All ratios for the period have been annualized. (f) Commencement of operations on November 30, 2001. All ratios for the period have been annualized. (g) Commencement of operations on October 8, 2003. All ratios for the period have been annualized. (h) Commencement of operations on May 11, 2004. All ratios for the period have been annualized. Amounts designated as "--" are $0 or have been rounded to $0. 62 NOTES TO FINANCIAL STATEMENTS STI CLASSIC FIXED INCOME FUNDS November 30, 2004 (Unaudited) 1. Organization The STI Classic Funds (the "Trust") was organized as a Massachusetts business trust under a Declaration of Trust dated January 15, 1992. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company offering 49 funds as of November 30, 2004. The financial statements presented herein are those of the Florida Tax-Exempt Bond Fund, Georgia Tax-Exempt Bond Fund, High Income Fund, Investment Grade Bond Fund, Investment Grade Tax-Exempt Bond Fund, Limited-Term Federal Mortgage Securities Fund, Maryland Municipal Bond Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund, Strategic Income Fund, U.S. Government Securities Fund, Virginia Intermediate Municipal Bond Fund and Virginia Municipal Bond Fund (each a "Fund" and collectively the "Funds"). The Funds may offer the following share classes: T shares, A shares and L shares. The financial statements of the remaining funds are presented separately. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Funds' prospectus provides a description of the Funds' investment objectives, policies and strategies. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote. 2. Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The actual results could differ from these estimates. Security Valuation -- Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm Eastern Time if a security's primary exchange is normally open at that time),or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as of the close of regular trading on the New York Stock Exchange (usually 4:00 pm Eastern Time), as provided by an independent pricing service approved by the Funds' Board of Trustees (the "Board"). If a security price cannot be obtained from an independent, third-party pricing agent, the Funds' administrator shall seek to obtain a bid price from at least one independent broker. Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Board. The Funds' Fair Value Procedures will be performed an monitored by a Fair Value Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include, but are not 63 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FIXED INCOME FUNDS November 30, 2004 limited to: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it shall immediately notify the Funds' administrator and may request that a Fair Value Committee Meeting be called. In addition, the Funds' administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. Security Transactions and Investment Income -- Security transactions are accounted for no later than one business day after trade date. However, for financial reporting purposes, securities transactions are reported on trade date. Interest income is recognized on an accrual basis. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold, adjusted for the accretion or amortization of purchase discounts or premiums during the respective holding period. Repurchase Agreements -- In connection with transactions involving repurchase agreements, a third party custodian bank takes possession of the underlying securities ("collateral"), the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. In the event of default on the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. Redemption Fees -- The Funds may charge a redemption fee up to 2% of redemption proceeds, which will automatically be paid to the Fund. There were no redemption fees for the six months ended November 30, 2004. Securities Purchased on a When-Issued Basis -- Delivery and payment for securities that have been purchased by a Fund on a forward commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of a Fund's net asset value if the Fund makes such investments while remaining substantially fully invested. Foreign Currency Translation -- The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following bases: (i) market value of investment securities, other assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds isolate the effect of fluctuations in foreign currency rates when determining the gain or loss upon sale or maturity of foreign currency denominated debt obligations for Federal income tax purposes. 64 (Unaudited) The Funds report gains and losses on foreign currency-related transactions as realized and unrealized gains and losses for financial reporting purposes, whereas such gains and losses are treated as ordinary income or loss for Federal income tax purposes. Forward Foreign Currency Contracts -- The Strategic Income Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. All commitments are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for Federal income tax purposes. As of November 30, 2004, there were no open forward foreign currency contracts. TBA Purchase Commitments -- The Funds may enter into "TBA" (To Be Announced) purchase commitments to purchase securities for a fixed price at a future date beyond customary settlement time. TBA purchase commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, generally according to the procedures described under "Security Valuation." Mortgage Dollar Rolls -- The Funds may enter into mortgage dollar rolls (principally using TBA's) in which a Fund sells mortgage securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities at an agreed-upon price on a fixed date. The Funds account for such dollar rolls under the purchases and sales method and receive compensation as consideration for entering into the commitment to repurchase. The Funds must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such dollar rolls. The market value of the securities that the Funds are required to purchase may decline below the agreed upon repurchase price of those securities. The counterparty receives all principal and interest payments, including pre-payments, made in respect of a security subject to such a contract while it is with the holder. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The Funds engage in dollar rolls for the purpose of enhancing its yield, principally by earning a negotiated fee. As of November 30, 2004, there were no open mortgage dollar rolls. Expenses -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution fees, are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis. Classes -- Income, non-class specific expenses and realized/unrealized gains and losses are allocated to the respective classes on the basis of the relative daily net assets. Compensating Balances -- If a Fund has a cash overdraft in excess of $100,000 it is required to leave 110% in compensating balance with SunTrust Bank (the "Custodian"), a wholly-owned subsidiary of SunTrust Banks, Inc., on the following day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw 90% of the balance with the Custodian on the following business day. Dividends and Distributions to Shareholders -- Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income for each of the Funds are declared daily and paid monthly. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. 65 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FIXED INCOME FUNDS November 30, 2004 To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. 3. Agreements and Other Transactions with Affiliates Investment Advisory Agreement -- The Trust and Trusco Capital Management, Inc. (the "Investment Adviser"), a wholly-owned subsidiary of SunTrust Banks, Inc., have entered into advisory agreements dated May 29, 1992, and last amended November 12, 2003. Under terms of the amended agreement, the Funds are charged the following annual fees based upon average daily net assets:
Maximum Annual Net Advisory Fees Fee Paid -------- ---- Florida Tax-Exempt Bond Fund.......... 0.65% 0.61% Georgia Tax-Exempt Bond Fund.......... 0.65 0.61 High Income Fund...................... 0.80 0.65 Investment Grade Bond Fund............ 0.74 0.72 Investment Grade Tax-Exempt Bond Fund................................ 0.74 0.71 Limited-Term Federal Mortgage Securities Fund..................... 0.65 0.60 Maryland Municipal Bond Fund.......... 0.65 0.57 Short-Term Bond Fund.................. 0.65 0.60 Short-Term U.S. Treasury Securities Fund................................ 0.65 0.59 Strategic Income Fund................. 0.85 0.75 U.S. Government Securities Fund....... 0.74 0.71 Virginia Intermediate Municipal Bond Fund................................ 0.65 0.65 Virginia Municipal Bond Fund.......... 0.65 0.65
The Investment Adviser has voluntarily agreed to waive all or a portion of its fees (and to reimburse Fund expenses). Fee waivers and expense reimbursements are voluntary and may be terminated at any time. Effective October 5, 2004, Trusco Capital Management, Inc. began providing an employee to serve as Chief Compliance Officer for the Trust and provide certain related services, and will receive an additional fee for this service. Administration, Fund Accounting and Transfer Agent Agreement -- The Trust and BISYS Fund Services Ohio, Inc. (the "Administrator") are parties to a Master Services Agreement dated July 24, 2004 under which the Administrator provides administrative, fund accounting and transfer agent services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.0275% up to $25 billion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion. Prior to July 24, 2004, SEI Investments Global Funds Services ("SEI") was the Administrator and provided administrative services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.12% up to $1 billion, 0.09% on the next $4 billion, 0.07% on the next $3 billion, 0.065% on the next $2 billion and 0.06% for over $10 billion. SEI had voluntarily agreed to waive all or a portion of their fees and to reimburse Fund expenses. BISYS Fund Services Ohio, Inc. has agreed to pay a total of $325,000 per annum towards the insurance premiums payable annually by the Trust. $300,000 will be paid towards the premium for the Trust's Directors and Officers Liability/Errors and Omissions Insurance Policy, and $25,000 will be paid towards the premium for the Trust's Fidelity Bond. Distribution Agreement -- The Trust and BISYS Fund Services Limited Partnership (the "Distributor") are parties to a Distribution Agreement dated July 26, 2004. The Distributor will receive no fees for its distribution services under the agreement for the T Shares of any Fund. With respect to the A Shares and L Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of L Shares) a Distribution and Service Plan, as outlined in the tables below. 66 (Unaudited)
Maximum A Share Net Distribution Fees Fee Paid ------------ ---- Florida Tax-Exempt Bond Fund........ 0.18% 0.12% Georgia Tax-Exempt Bond Fund........ 0.18 -- High Income Fund.................... 0.30 -- Investment Grade Bond Fund.......... 0.43 0.38 Investment Grade Tax-Exempt Bond Fund.............................. 0.43 0.39 Limited-Term Federal Mortgage Securities Fund................... 0.23 0.15 Short-Term Bond Fund................ 0.23 0.14 Short-Term U.S. Treasury Securities Fund.............................. 0.18 0.12 Strategic Income Fund............... 0.35 0.23 U.S. Government Securities Fund..... 0.38 0.29 Virginia Intermediate Municipal Bond Fund.............................. 0.15 0.04 Virginia Municipal Bond Fund........ 0.15 --
Maximum L Share Distribution Net and Fees Service Fee Paid ------------ ---- Florida Tax-Exempt Bond Fund........ 1.00% 0.71% Georgia Tax-Exempt Bond Fund........ 1.00 0.71 High Income Fund.................... 1.00 0.65 Investment Grade Bond Fund.......... 1.00 0.86 Investment Grade Tax-Exempt Bond Fund.............................. 1.00 0.89 Limited-Term Federal Mortgage Securities Fund................... 1.00 0.60 Maryland Municipal Bond Fund........ 1.00 0.97 Short-Term Bond Fund................ 1.00 0.54 Short-Term US Treasury Securities Fund.............................. 1.00 0.42 Strategic Income Fund............... 1.00 0.52 US Government Securities Fund....... 1.00 0.89 Virginia Municipal Bond Fund........ 1.00 0.94
The Distributor has voluntarily agreed to waive all or a portion of its fees. Fee waivers are voluntary and may be terminated at any time. Prior to July 26, 2004, SEI Investments Distribution Co. served as the distributor. SEI Investments Distribution Co. had voluntarily agreed to waive all or a portion of its fees and to reimburse fund expenses. Transfer Agency Agreements -- The Trust and SunTrust Securities Inc. ("STS"), a wholly-owned subsidiary of SunTrust Banks, Inc., are parties to an agreement under which STS provides certain transfer agency account activity processing and servicing. The transfer agency service fees are based upon a monthly per account charge for the total shareholder accounts at the Trust's transfer agent. These fees are presented on the Statement of Operations as Transfer Agent Fees. Custodian Agreements -- SunTrust Bank acts as custodian for all of the Funds except the Strategic Income Fund, which utilizes Brown Brothers Harriman & Co. as custodian. Custodians are paid on the basis of net assets and transaction costs of the Funds. The custodians play no role in determining the investment policies of the Trust or which securities are to be purchased or sold in the Funds. Other -- Certain officers of the Trust are also officers of the Adviser, Administrator and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers of the Trust. The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital markets, Inc. which is a direct non-bank subsidiary of SunTrust Banks, Inc. to act as an agent in placing repurchase agreements for the Trust. For the six months ended November 30, 2004, the following Funds paid SunTrust Robinson Humphrey through a reduction in the yield earned by the Funds on those repurchase agreements (000):
Fees ---- Florida Tax-Exempt Bond Fund...................... $-- High Income Fund.................................. 1 Investment Grade Bond Fund........................ 4 Investment Grade Tax-Exempt Bond Fund............. 1 Limited-Term Federal Mortgage Securities Fund..... 4 U.S. Government Securities Fund................... 4
67 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FIXED INCOME FUNDS November 30, 2004 4. Investment Transactions The cost of purchases and the proceeds from sales and maturities of securities, excluding short-term investments and U.S. Government securities, for the six months ended November 30, 2004, were as follows:
Sales and Purchases Maturities (000) (000) --------- ---------- Florida Tax-Exempt Bond Fund...... $ 61,152 $ 91,083 Georgia Tax-Exempt Bond Fund...... 35,524 46,637 High Income Fund.................. 162,636 204,352 Investment Grade Bond Fund........ 27,386 585,281 Investment Grade Tax-Exempt Bond Fund............................ 264,973 265,291 Maryland Municipal Bond Fund...... 5,664 7,790 Short-Term Bond Fund.............. 36,102 48,972 Strategic Income Fund............. 158,907 327,125 Virginia Intermediate Municipal Bond Fund....................... 46,404 58,729 Virginia Municipal Bond Fund...... 12,409 11,291
The cost of purchases and proceeds from sales and maturities of U.S. Government securities for the six months ended November 30, 2004 were:
Sales and Purchases Maturities (000) (000) --------- ---------- Investment Grade Bond Fund........ $713,588 $217,006 Limited-Term Federal Mortgage Securities Fund................. 131,592 165,912 Short-Term Bond Fund.............. 55,904 65,029 Short-Term U.S. Treasury Securities Fund................. 79,221 139,338 Strategic Income Fund............. 171,425 57,888 U.S. Government Securities Fund... 87,814 80,346
68 (Unaudited) 5. Federal Tax Policies and Information It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with applicable country's tax rules and rates. At November 30, 2004, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were different from amounts reported for financial reporting purposes generally due to wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for securities held by the Funds at November 30, 2004, were as follows:
Aggregate Aggregate Net Gross Gross Unrealized Federal Unrealized Unrealized Appreciation Tax Cost Appreciation Depreciation (Depreciation) (000) (000) (000) (000) -------- ------------ -------------- -------------- Florida Tax-Exempt Bond Fund................................ $171,549 $4,079 $ (751) $3,328 Georgia Tax-Exempt Bond Fund................................ 102,188 3,652 (338) 3,314 High Income Fund............................................ 114,969 4,390 (398) 3,992 Investment Grade Bond Fund.................................. 675,559 4,807 (962) 3,845 Investment Grade Tax-Exempt Bond Fund....................... 270,495 5,119 (873) 4,246 Limited-Term Federal Mortgage Securities Fund............... 500,576 2,466 (3,047) (581) Maryland Municipal Bond Fund................................ 44,918 1,478 (68) 1,410 Short-Term Bond Fund........................................ 300,201 1,106 (2,105) (999) Short-Term U.S. Treasury Securities Fund.................... 147,152 25 (477) (452) Strategic Income Fund....................................... 228,299 6,931 (521) 6,410 U.S. Government Securities Fund............................. 338,257 2,430 (2,127) 303 Virginia Intermediate Municipal Bond Fund................... 180,894 4,638 (431) 4,207 Virginia Municipal Bond Fund................................ 52,499 1,886 (110) 1,776
As of the latest tax year end of May 31, 2004, the following Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations. To the extent that these carryovers are used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders:
Expires ---------------------------------- Fund 2009 2010 2011 2012 - ---- ------- ------ ------ ------ Investment Grade Bond Fund.................................. $14,890 $ -- $ -- $ -- Limited-Term Federal Mortgage Securities Fund............... -- -- -- 5,161 Short-Term Bond Fund........................................ 513 -- 9,216 -- U.S. Government Securities Fund............................. -- -- -- 2,698
69 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FIXED INCOME FUNDS November 30, 2004 6. Concentrations/Risks The prices of the Funds' fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Funds' fixed income securities will decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk. The High Income and Strategic Income Funds invest in high yield corporate, government, and other debt instruments of U.S. and non-U.S. issuers. High yield securities involve greater risk of default or downgrade and are more volatile than investment grade securities. The High Income and Strategic Income Funds' investment in foreign countries poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect the value of a Fund's investment. The Florida Tax-Exempt Bond, Georgia Tax-Exempt Bond, Maryland Municipal Bond, Virginia Intermediate Municipal Bond, and Virginia Municipal Bond Funds' concentrations of investments in securities of issuers located in a specific region subjects each Fund to the economic and government policies of that region. The Investment Grade Bond, Limited-Term Federal Mortgage Securities, Short-Term Bond, and U.S. Government Securities Funds invest in securities whose value is derived from an underlying pool of mortgages or consumer loans. Prepayment of these loans shortens the stated maturity of these respective obligations and may result in a loss of premium, if any has been paid. Estimates of such prepayments are used to calculate expected maturity dates and a fund's average duration. Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions or financial guaranty assurance agencies' credit quality should deteriorate, it could cause the individual security's credit quality to change. Additionally, if any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases. 70 (Unaudited) 7. Capital Share Transactions Capital Share Transactions for the Funds were as follows (000):
Florida Tax-Exempt Georgia Tax-Exempt Bond Fund Bond Fund High Income Fund --------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 --------- --------- --------- --------- --------- --------- Capital Transactions T Shares Proceeds from shares issued............................. $ 11,943 $ 83,482 $ 7,158 $ 19,156 $ 13,218 $ 42,398 Reinvestment of Cash Distributions...................... 267 2,132 242 699 1,329 3,161 Cost of shares redeemed................................. (24,820) (57,242) (15,817) (14,624) (35,349) (77,402) -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets from T Shares Transactions.......................................... $(12,610) $ 28,372 $ (8,417) $ 5,231 $(20,802) $(31,843) -------- -------- -------- -------- -------- -------- A Shares Proceeds from shares issued............................. $ 2,630 $ 3,093 $ 449 $ 1,280 $ 597 $ 2,653 Dividends reinvested.................................... 52 166 23 56 52 32 Cost of shares redeemed................................. (1,513) (5,029) (458) (1,059) (1,551) (1,122) -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets from A Shares Transactions............................................ $ 1,169 $ (1,770) $ 14 $ 277 $ (902) $ 1,563 -------- -------- -------- -------- -------- -------- L Shares Proceeds from shares issued............................. $ 64 $ 6,043 $ 32 $ 2,653 $ 2,705 $ 47,482 Dividends reinvested.................................... 133 865 125 444 1,784 4,236 Cost of shares redeemed................................. (4,810) (24,958) (2,575) (5,341) (19,468) (42,475) -------- -------- -------- -------- -------- -------- Increase (Decrease) in Net Assets from L Shares Transactions............................................ $ (4,613) $(18,050) $ (2,418) $ (2,244) $(14,979) $ 9,243 -------- -------- -------- -------- -------- -------- Total Net Increase (Decrease) from Capital Transactions... $(16,054) $ 8,552 $(10,821) $ 3,264 $(36,683) $(21,037) ======== ======== ======== ======== ======== ======== Share Transactions: T Shares Issued.................................................. 1,079 7,381 686 1,818 1,750 5,657 Reinvested.............................................. 24 188 23 66 178 424 Redeemed................................................ (2,240) (5,085) (1,515) (1,384) (4,730) (10,511) -------- -------- -------- -------- -------- -------- Increase (Decrease) from T Shares Transactions............ (1,137) 2,484 (806) 500 (2,802) (4,430) -------- -------- -------- -------- -------- -------- A Shares Issued.................................................. 236 272 43 121 78 350 Reinvested.............................................. 5 15 2 5 7 4 Redeemed................................................ (135) (448) (44) (100) (204) (150) -------- -------- -------- -------- -------- -------- Increase (Decrease) from A Shares Transactions............ 106 (161) 1 26 (119) 204 -------- -------- -------- -------- -------- -------- L Shares Issued.................................................. 6 530 3 249 358 6,402 Reinvested.............................................. 12 76 12 42 238 567 Redeemed................................................ (435) (2,221) (248) (511) (2,583) (5,714) -------- -------- -------- -------- -------- -------- Increase (Decrease) from L Shares Transactions............ (417) (1,615) (233) (220) (1,987) 1,255 -------- -------- -------- -------- -------- -------- Total Net Increase (Decrease) from Share Transactions..... (1,448) 708 (1,038) 306 (4,908) (2,971) ======== ======== ======== ======== ======== ========
Amounts designated as "--" are $0 or have been rounded to $0. 71 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FIXED INCOME FUNDS November 30, 2004
Investment Grade Limited-Term Investment Grade Tax-Exempt Federal Mortgage Bond Fund Bond Fund Securities Fund ---------------------- ---------------------- ---------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 --------- --------- --------- --------- --------- --------- Capital Transactions T Shares Proceeds from shares issued.................... $ 49,665 $ 131,151 $ 41,062 $ 83,827 $ 61,323 $ 270,058 Reinvestment of Cash Distributions............. 4,085 10,827 472 2,327 2,531 4,093 Cost of shares redeemed........................ (95,908) (342,709) (23,382) (56,635) (51,433) (144,748) --------- --------- --------- --------- --------- --------- Increase (Decrease) in Net Assets from T Shares Transactions................................. $ (42,158) $(200,731) $ 18,152 $ 29,519 $ 12,421 $ 129,403 --------- --------- --------- --------- --------- --------- A Shares Proceeds from shares issued.................... $ 2,052 $ 11,284 $ 893 $ 3,424 $ 1,904 $ 8,182 Dividends reinvested........................... 403 943 149 654 123 279 Cost of shares redeemed........................ (9,131) (13,838) (2,665) (5,748) (6,097) (12,123) --------- --------- --------- --------- --------- --------- Increase (Decrease) in Net Assets from A Shares Transactions................................... $ (6,676) $ (1,611) $ (1,623) $ (1,670) $ (4,070) $ (3,662) --------- --------- --------- --------- --------- --------- L Shares Proceeds from shares issued.................... $ 571 $ 6,557 $ 141 $ 4,230 $ 484 $ 23,896 Dividends reinvested........................... 241 739 133 871 668 2,217 Cost of shares redeemed........................ (5,257) (18,778) (6,198) (13,377) (26,548) (116,892) --------- --------- --------- --------- --------- --------- Increase (Decrease) in Net Assets from L Shares Transactions................................... $ (4,445) $ (11,482) $ (5,924) $ (8,276) $ (25,396) $ (90,779) --------- --------- --------- --------- --------- --------- Total Net Increase (Decrease) from Capital Transactions................................... $ (53,279) $(213,824) $ 10,605 $ 19,573 $ (17,045) $ 34,962 ========= ========= ========= ========= ========= ========= Share Transactions: T Shares Issued......................................... 4,706 12,373 3,532 7,142 5,997 26,070 Reinvested..................................... 391 1,025 41 200 247 397 Redeemed....................................... (9,152) (32,348) (2,005) (4,843) (5,023) (13,982) --------- --------- --------- --------- --------- --------- Increase (Decrease) from T Shares Transactions... (4,055) (18,950) 1,568 2,499 1,221 12,485 --------- --------- --------- --------- --------- --------- A Shares Issued......................................... 195 1,067 76 290 187 790 Reinvested..................................... 39 89 13 56 12 27 Redeemed....................................... (865) (1,310) (228) (489) (596) (1,176) --------- --------- --------- --------- --------- --------- Increase (Decrease) from A Shares Transactions... (631) (154) (139) (143) (397) (359) --------- --------- --------- --------- --------- --------- L Shares Issued......................................... 54 615 13 357 48 2,282 Reinvested..................................... 23 70 11 75 65 215 Redeemed....................................... (502) (1,778) (534) (1,145) (2,598) (11,317) --------- --------- --------- --------- --------- --------- Increase (Decrease) from L Shares Transactions... (425) (1,093) (510) (713) (2,485) (8,820) --------- --------- --------- --------- --------- --------- Total Net Increase (Decrease) from Share Transactions................................... (5,111) (20,197) 919 1,643 (1,661) 3,306 ========= ========= ========= ========= ========= =========
Amounts designated as "--" are $0 or have been rounded to $0. 72 (Unaudited)
Short-Term Maryland Municipal Short-Term U.S. Treasury Bond Fund Bond Fund Securities Fund - --------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 - --------- --------- --------- --------- --------- --------- $ 4,590 $ 8,075 $ 26,402 $ 112,609 $ 14,469 $ 16,704 115 489 1,038 2,305 118 678 (4,242) (7,414) (48,019) (129,543) (23,901) (44,103) ------- ------- -------- --------- -------- -------- $ 463 $ 1,150 $(20,579) $ (14,629) $ (9,314) $(26,721) ------- ------- -------- --------- -------- -------- $ 2,059 $ 5,818 $ 1,300 $ 11,230 51 115 68 349 (2,119) (5,618) (7,226) (13,938) ------- ------- -------- --------- -------- -------- $ (9) $ 315 $ (5,858) $ (2,359) ------- ------- -------- --------- -------- -------- $ 1,132 $ 4,056 $ 853 $ 8,024 $ 1,145 $ 16,687 195 932 150 449 243 1,810 (4,758) (13,988) (5,531) (16,981) (19,888) (81,783) ------- ------- -------- --------- -------- -------- $(3,431) $(9,000) $ (4,528) $ (8,508) $(18,500) $(63,286) ------- ------- -------- --------- -------- -------- $(2,968) $(7,850) $(25,116) $ (22,822) $(33,672) $(92,366) ======= ======= ======== ========= ======== ======== 440 766 2,682 11,306 1,436 1,628 11 47 105 232 12 66 (409) (705) (4,878) (13,012) (2,367) (4,296) ------- ------- -------- --------- -------- -------- 42 108 (2,091) (1,474) (919) (2,602) ------- ------- -------- --------- -------- -------- 209 583 125 1,096 5 11 7 34 (215) (563) (715) (1,363) ------- ------- -------- --------- -------- -------- (1) 31 (583) (233) ------- ------- -------- --------- -------- -------- 108 375 87 803 114 1,622 19 88 15 45 24 178 (457) (1,323) (561) (1,703) (1,972) (7,989) ------- ------- -------- --------- -------- -------- (330) (860) (459) (855) (1,834) (6,189) ------- ------- -------- --------- -------- -------- (288) (752) (2,551) (2,298) (3,336) (9,024) ======= ======= ======== ========= ======== ========
73 NOTES TO FINANCIAL STATEMENTS (concluded) STI CLASSIC FIXED INCOME FUNDS November 30, 2004
U.S. Government Virginia Intermediate Virginia Municipal Strategic Income Securities Fund Municipal Bond Fund Bond Fund --------------------- --------------------- --------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 --------- --------- --------- --------- --------- --------- --------- --------- Capital Transactions T Shares Proceeds from shares issued...... $ 26,436 $ 61,718 $ 38,546 $138,247 $ 8,125 $ 19,400 $ 6,282 $ 8,850 Reinvestment of Cash Distributions.................. 471 789 1,369 3,400 44 1,285 27 477 Cost of shares redeemed.......... (11,183) (23,966) (39,255) (85,923) (13,928) (35,871) (3,320) (10,867) -------- -------- -------- -------- -------- -------- ------- -------- Increase (Decrease) in Net Assets from T Shares Transactions..... $ 15,724 $ 38,541 $ 660 $ 55,724 $ (5,759) $(15,186) $ 2,989 $ (1,540) -------- -------- -------- -------- -------- -------- ------- -------- A Shares Proceeds from shares issued...... $ 870 $ 4,920 $ 2,009 $ 11,471 $ 1,243 $ 5,471 $ 130 $ 128 Dividends reinvested............. 59 41 114 241 130 308 1 -- Cost of shares redeemed.......... (916) (682) (7,260) (12,029) (2,622) (5,091) (150) -- -------- -------- -------- -------- -------- -------- ------- -------- Increase (Decrease) in Net Assets from A Shares Transactions....... $ 13 $ 4,279 $ (5,137) $ (317) $ (1,249) $ 688 $ (19) $ 128 -------- -------- -------- -------- -------- -------- ------- -------- L Shares Proceeds from shares issued...... $ 2,272 $ 75,089 $ 105 $ 4,150 $ 135 $ 2,118 Dividends reinvested............. 1,749 5,643 187 645 81 458 Cost of shares redeemed.......... (36,014) (91,009) (4,877) (23,438) (2,514) (8,927) -------- -------- -------- -------- -------- -------- ------- -------- Increase (Decrease) in Net Assets from L Shares Transactions....... $(31,993) $(10,277) $ (4,585) $(18,643) $(2,298) $ (6,351) -------- -------- -------- -------- -------- -------- ------- -------- Total Net Increase (Decrease) from Capital Transactions............. $(16,256) $ 32,543 $ (9,062) $ 36,764 $ (7,008) $(14,498) $ 672 $ (7,763) ======== ======== ======== ======== ======== ======== ======= ======== Share Transactions: T Shares Issued........................... 2,631 6,185 3,691 13,051 792 1,860 597 821 Reinvested....................... 47 79 131 322 4 123 3 45 Redeemed......................... (1,118) (2,410) (3,763) (8,140) (1,356) (3,434) (315) (1,017) -------- -------- -------- -------- -------- -------- ------- -------- Increase (Decrease) from T Shares Transactions..................... 1,560 3,854 59 5,233 (560) (1,451) 285 (151) -------- -------- -------- -------- -------- -------- ------- -------- A Shares Issued........................... 85 489 192 1,088 119 518 13 12 Reinvested....................... 6 4 11 23 13 30 -- -- Redeemed......................... (90) (67) (690) (1,145) (253) (489) (14) -- -------- -------- -------- -------- -------- -------- ------- -------- Increase (Decrease) from A Shares Transactions..................... 1 426 (487) (34) (121) 59 (1) 12 -------- -------- -------- -------- -------- -------- ------- -------- L Shares Issued........................... 225 7,519 10 387 12 194 Reinvested....................... 176 566 18 61 8 43 Redeemed......................... (3,605) (9,144) (467) (2,218) (238) (828) -------- -------- -------- -------- -------- -------- ------- -------- Increase (Decrease) from L Shares Transactions..................... (3,204) (1,059) (439) (1,770) (218) (591) -------- -------- -------- -------- -------- -------- ------- -------- Total Net Increase (Decrease) from Share Transactions............... (1,643) 3,221 (867) 3,429 (681) (1,392) 66 (730) ======== ======== ======== ======== ======== ======== ======= ========
Amounts designated as "--" are $0 or have been rounded to $0. 74 (Unaudited) 8. Securities Lending The High Income Fund, Investment Grade Bond Fund, Limited-Term Federal Mortgage Securities Fund, Short-Term Bond Fund, Strategic Income and U.S. Government Securities Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust's Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). No Fund will lend portfolio securities to its investment adviser, sub-adviser or their affiliates unless it has applied for and received specific authority to do so from the Securities and Exchange Commission. Loans of portfolio securities will be fully collateralized by cash. The value of the collateral is at least 102% of the market value of the securities loaned. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. Cash collateral received in connection with securities lending is invested in the Boston Global Investment Trust-Enhanced Portfolio. This investment consists of money market instruments including money market mutual funds registered under the Investment Company Act of 1940, commercial paper, repurchase agreements, U.S. Treasury Bills and U.S. agency obligations. At November 30, 2004, the Portfolio was invested in money market mutual funds, commercial paper, repurchase agreements, U.S. Agency Obligations and corporate bonds (with interest rates ranging from 1.15% to 2.36% and maturity dates ranging from 12/01/04 to 06/15/07). 75 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (UNAUDITED) - -------------------------------------------------------------------------------- Information pertaining to the trustees of the Trust is set forth below. Trustees who are not deemed to be "interested persons" of the Trust as defined in the 1940 Act are referred to as "Independent Board Member." Trustees who are deemed to be "interested persons" of the Trust are referred to as "Interested Board Member." Messrs. Courts and Ridley are Trustees who may be deemed to be "interested persons" of the Trust. - --------------------------------------------------------------------------------
TERM OF PRINCIPAL NUMBER OF OTHER POSITION(S) OFFICE AND OCCUPATION(S) PORTFOLIOS DIRECTORSHIPS NAME, ADDRESS, AND HELD WITH LENGTH OF DURING THE OVERSEEN FOR HELD BY BOARD DATE OF BIRTH THE GROUP TIME SERVED PAST 5 YEARS THE TRUST MEMBER - ------------------------------------------------------------------------------------------------------------------------------- INTERESTED BOARD MEMBERS* - -------------- Richard W. Courts, II Trustee November, 2001 Chairman of the Board, 49 Director, Cousins 3435 Stelzer Road Atlantic Investment Properties, Inc.; Director, Columbus, OH 43219 Company, 1970 to present. Piedmont Hospital; Director, 01/18/36 SunTrust Bank, Atlanta; Chairman, Courts Foundation; Chairman, J. Bulow Campbell Foundation. Current Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- Clarence H. Ridley Trustee November, 2001 Chairman of the Board; 49 Director, Crawford & Co.; 3435 Stelzer Road Haverty Furniture Director, Pike's Family Columbus, OH 43219 Companies, 2001 to present; Nurseries, Inc.; Trustee, 06/03/42 Partner, King and Spaulding St. Joseph's Health System, LLP (law firm), 1971 to Inc.; Director, High Museum 2000. of Atlanta. Current Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- INDEPENDENT BOARD MEMBERS - ------------- Thomas Gallagher Trustee May, 2000 President, Genuine Parts 49 Director, Shepard Center; 3435 Stelzer Road Company Wholesale Director, NAPA; Director, Columbus, OH 43219 Distribution, 1970 to Genuine Parts Co.; Director, 11/25/47 present. Stone Mountain Industrial Park; Trustee, The Lovett School; Director, Oxford Industries. Current Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- F. Wendell Gooch Trustee May, 1992 Retired. 49 Current Trustee of STI 3435 Stelzer Road Classic Variable, The Columbus, OH 43219 Capitol Mutual Funds and SEI 12/03/32 Family of Funds. - ------------------------------------------------------------------------------------------------------------------------------- James O. Robbins Trustee May, 2000 President and Chief 49 Director, National Cable and 3435 Stelzer Road Executive Officer, Cox Telecommunications Columbus, OH 43219 Communications, Inc., 1985 Association; Director, Cable 07/04/42 to present. Labs; Director, C-SPAN; Trustee, St. Paul's Schools; Director, Cox Communications. Current Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- Jonathan T. Walton Trustee February, 1998 Retired. 49 Current Trustee of STI 3435 Stelzer Road Classic Variable Trust and Columbus, OH 43219 W.K. Kellogg Trust. 03/28/30 - ------------------------------------------------------------------------------------------------------------------------------- Sidney E. Harris Trustee November, 2004 Dean of Robinson College of 49 Director, ServiceMaster; 3435 Stelzer Road Business, Georgia State Director, Total System Columbus, OH 43219 University. Services, Inc. Current 07/21/49 Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- Warren Y. Jobe Trustee November, 2004 Retired. 49 Director, WellPoint Health 3435 Stelzer Road Networks; Director, Columbus, OH 43219 UniSource Energy Corp.; 11/12/40 Director, Tucson Electric Power. Current Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- Charles D. Winslow Trustee November, 2004 Retired. 49 Current Trustee of STI 3435 Stelzer Road Classic Variable Trust. Columbus, OH 43219 07/13/35 - -------------------------------------------------------------------------------------------------------------------------------
* Mr. Courts may be deemed an interested Trustee because of his directorships with affiliates of the Adviser. Mr. Ridley may be deemed an interested Trustee because of a material business relationship with the parent of the Adviser. 76 - --------------------------------------------------------------------------------
TERM OF PRINCIPAL POSITION(S) OFFICE AND OCCUPATION(S) NAME, ADDRESS, AND HELD WITH LENGTH OF DURING THE DATE OF BIRTH THE GROUP TIME SERVED PAST 5 YEARS - ----------------------------------------------------------------------------------------------------------------------- OFFICERS - -------- R. Jeffrey Young President Since 2004 Senior Vice President, Relationship Management, BISYS Fund 3435 Stelzer Road Services since April 2002. Vice President, Client Services, Columbus, OH 43219 BISYS Fund Services from May 1997 to April 2002. 08/22/64 - ----------------------------------------------------------------------------------------------------------------------- Bryan C. Haft Treasurer and Since 2004 Vice President, Financial Administration, BISYS Fund 3435 Stelzer Road CFO Services since July 2000. Director, Administration Services, Columbus, OH 43219 BISYS Fund Services from May 1998 to July 2000. 01/23/65 - ----------------------------------------------------------------------------------------------------------------------- Deborah A. Lamb Executive Vice Since 2003 Chief Compliance Officer and Managing Director of Trusco 3435 Stelzer Road President, Capital Management, Inc. since March 2003 and President of Columbus, OH 43219 Assistant Investment Industry Consultants, LLC since June 2000. 10/02/52 Secretary and Director of Compliance at INVESCO, Inc. from March 1995 to CCO June 2000. - ----------------------------------------------------------------------------------------------------------------------- Alaina V. Metz Assistant Since 2004 Vice President, Blue Sky Compliance, BISYS Fund Services 3435 Stelzer Road Secretary since January 2002. Chief Administrative Officer, Blue Sky Columbus, OH 43219 Compliance, BISYS Fund Services from June 1995 to January 04/07/67 2002. - ----------------------------------------------------------------------------------------------------------------------- Julie M. Powers Assistant Since 2004 Senior Paralegal, Legal Services, BISYS Fund Services since 3435 Stelzer Road Secretary June 2000. Paralegal of Phillips, Lytle, Hitchcock, Blaine & Columbus, OH 43219 Huber LLP from March 1998 to June 2000. 10/08/69 - -----------------------------------------------------------------------------------------------------------------------
77 EXPENSE EXAMPLES (UNAUDITED) - -------------------------------------------------------------------------------- As a shareholder of the STI Classic Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; redemption fees; and exchange fees; (2) ongoing costs, including management fees; distribution [and/or service] 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the STI Classic Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2004 through November 30, 2004. Actual Expenses The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** Fund 06/01/04 11/30/04 06/01/04-11/30/04 06/01/04-11/30/04 - ---- ------------- ------------- ----------------- ----------------- Florida Tax-Exempt Bond Fund......... T Shares $1,000.00 $1,029.90 $3.46 0.68% A Shares 1,000.00 1,029.00 4.37 0.86% L Shares 1,000.00 1,025.10 7.21 1.42% Georgia Tax-Exempt Bond Fund......... T Shares 1,000.00 1,036.80 3.47 0.68% A Shares 1,000.00 1,036.80 4.39 0.86% L Shares 1,000.00 1,033.00 7.24 1.42% High Income Fund..................... T Shares 1,000.00 1,087.90 3.82 0.73% A Shares 1,000.00 1,087.60 5.39 1.03% L Shares 1,000.00 1,084.20 7.31 1.40% Investment Grade Bond Fund........... T Shares 1,000.00 1,039.80 3.99 0.78% A Shares 1,000.00 1,036.70 6.23 1.22% L Shares 1,000.00 1,035.00 8.72 1.71% Investment Grade Tax-Exempt Bond Fund............................... T Shares 1,000.00 1,034.50 3.93 0.77% A Shares 1,000.00 1,031.40 6.21 1.22% L Shares 1,000.00 1,028.90 8.65 1.70% Limited-Term Federal Mortgage Securities Fund.................... T Shares 1,000.00 1,021.70 3.45 0.68% A Shares 1,000.00 1,021.50 4.61 0.91% L Shares 1,000.00 1,019.40 6.63 1.31% Maryland Municipal Bond Fund......... T Shares 1,000.00 1,032.60 3.46 0.68% L Shares 1,000.00 1,027.60 8.34 1.64% Short-Term Bond Fund................. T Shares 1,000.00 1,009.10 3.37 0.67% A Shares 1,000.00 1,008.00 4.53 0.90% L Shares 1,000.00 1,006.10 6.34 1.26% Short-Term U.S. Treasury Securities Fund............................... T Shares 1,000.00 1,003.60 3.37 0.67% A Shares 1,000.00 1,002.80 4.27 0.85% L Shares 1,000.00 1,001.40 5.57 1.11% Strategic Income Fund................ T Shares 1,000.00 1,091.90 4.56 0.87% A Shares 1,000.00 1,091.30 6.03 1.15% L Shares 1,000.00 1,090.10 7.49 1.43% U.S. Government Securities Fund...... T Shares 1,000.00 1,031.10 3.92 0.77% A Shares 1,000.00 1,028.30 6.05 1.19% L Shares 1,000.00 1,025.40 8.78 1.73% Virginia Intermediate Municipal Bond Fund............................... T Shares 1,000.00 1,028.30 3.61 0.71% A Shares 1,000.00 1,027.90 4.02 0.79% Virginia Municipal Bond Fund......... T Shares 1,000.00 1,034.70 3.67 0.72% A Shares 1,000.00 1,033.00 4.48 0.88% L Shares 1,000.00 1,029.50 8.65 1.70%
- --------------- * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. 78 - -------------------------------------------------------------------------------- Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on each STI Classic Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** Fund 06/01/04 11/30/04 06/01/04-11/30/04 06/01/04-11/30/04 ---- ------------- ------------- ----------------- ----------------- Florida Tax-Exempt Bond Fund......... T Shares $1,000.00 $1,021.66 $3.45 0.68% A Shares 1,000.00 1,020.76 4.36 0.86% L Shares 1,000.00 1,017.95 7.18 1.42% Georgia Tax-Exempt Bond Fund......... T Shares 1,000.00 1,021.66 3.45 0.68% A Shares 1,000.00 1,020.76 4.36 0.86% L Shares 1,000.00 1,017.95 7.18 1.42% High Income Fund..................... T Shares 1,000.00 1,021.41 3.70 0.73% A Shares 1,000.00 1,019.90 5.22 1.03% L Shares 1,000.00 1,018.05 7.08 1.40% Investment Grade Bond Fund........... T Shares 1,000.00 1,021.16 3.95 0.78% A Shares 1,000.00 1,018.95 6.17 1.22% L Shares 1,000.00 1,016.50 8.64 1.71% Investment Grade Tax-Exempt Bond Fund............................... T Shares 1,000.00 1,021.21 3.90 0.77% A Shares 1,000.00 1,018.95 6.17 1.22% L Shares 1,000.00 1,016.55 8.59 1.70% Limited-Term Federal Mortgage Securities Fund.................... T Shares 1,000.00 1,021.66 3.45 0.68% A Shares 1,000.00 1,020.51 4.61 0.91% L Shares 1,000.00 1,018.50 6.63 1.31% Maryland Municipal Bond Fund......... T Shares 1,000.00 1,021.66 3.45 0.68% L Shares 1,000.00 1,016.85 8.29 1.64% Short-Term Bond Fund................. T Shares 1,000.00 1,021.71 3.40 0.67% A Shares 1,000.00 1,020.56 4.56 0.90% L Shares 1,000.00 1,018.75 6.38 1.26% Short-Term U.S. Treasury Securities Fund............................... T Shares 1,000.00 1,021.71 3.40 0.67% A Shares 1,000.00 1,020.81 4.31 0.85% L Shares 1,000.00 1,019.50 5.62 1.11% Strategic Income Fund................ T Shares 1,000.00 1,020.71 4.41 0.87% A Shares 1,000.00 1,019.30 5.82 1.15% L Shares 1,000.00 1,017.90 7.23 1.43% U.S. Government Securities Fund...... T Shares 1,000.00 1,021.21 3.90 0.77% A Shares 1,000.00 1,019.10 6.02 1.19% L Shares 1,000.00 1,016.39 8.74 1.73% Virginia Intermediate Municipal Bond Fund............................... T Shares 1,000.00 1,021.51 3.60 0.71% A Shares 1,000.00 1,021.11 4.00 0.79% Virginia Municipal Bond Fund......... T Shares 1,000.00 1,021.46 3.65 0.72% A Shares 1,000.00 1,020.66 4.46 0.88% L Shares 1,000.00 1,016.55 8.59 1.70%
- --------------- * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. 79 - -------------------------------------------------------------------------------- Proxy Voting Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and how the Funds voted proxies relating to portfolio securities during the period ended November 30, 2004 is available (1) without charge, upon request, by calling 1-800-428-6970, and (2) on the Securities and Exchange Commission's website at www.sec.gov. Other Information Schedules of Portfolio Investments for periods ending August 31, 2004 is available and February 28, 2005 will be available, without charge, on the Securities and Exchange Commission's website at www.sec.gov. 80 INVESTMENT ADVISER: Trusco Capital Management, Inc. STI Classic Funds are not deposits, are not insured or guaranteed by the FDIC or any other government agency, and are not endorsed by and do not constitute obligations of SunTrust Banks, Inc. or any other of its affiliates. Investment in the Funds involves risk, including the possible loss of principal. There is no guarantee that any STI Classic Fund will achieve its investment objective. The STI Classic Funds are advised by Trusco Capital Management, Inc., an affiliate of SunTrust Banks, Inc. DISTRIBUTOR: BISYS Fund Services LP This information must be preceded or accompanied by a current prospectus for each Fund described. [STI CLASSIC FUNDS LOGO] STI-SA-002 1/05 SEMI-ANNUAL - -------------------------------------------------------------------------------- FINANCIAL REPORT - -------------------------------------------------------------------------------- STI CLASSIC FUNDS - -------------------------------------------------------------------------------- A Family of Mutual Funds - -------------------------------------------------------------------------------- MONEY MARKET FUNDS Prime Quality Money Market Fund Tax-Exempt Money Market Fund U.S. Government Securities Money Market Fund U.S. Treasury Money Market Fund Virginia Tax-Free Money Market Fund November 30, 2004 [STI CLASSIC FUNDS LOGO] Dear Valued STI Classic Funds Shareholder, While patience is rarely enjoyable, it is often called a virtue and with good reason. We stressed patience with the stock market in 2004, primarily because the economy was transitioning from a stimulus led period of growth (low mortgage rates and tax cuts) to a more sustainable phase characterized by improved job growth, rising personal income, and continued capital spending. These are key factors that drive sales and investment. A more succinct way of expressing our view for 2004 is "don't bet against the cycle." While the stock markets bounced around inside a trading range for most of the year, our patience was rewarded in the fourth quarter. The S&P 500 Index rose 9.2% including dividends during the final three months and finished the year with a total return of 10.9%. Bonds also faired reasonably well in the final quarter and finished 2004 with a fifth consecutive annual gain. The Lehman Brothers Aggregate Bond Index rose 1.0% during the last three months and gained 4.3% for the year. The New Year appears likely to be favorable for the economy and the markets as well, but cross-currents will be significant. I want to take this opportunity to share our views on the year just ended, and outline our thoughts about factors likely to shape 2005. After the S&P 500 rebounded 28.7% in 2003, many investors were anxious for signs confirming improving economic momentum in 2004. Early in the year, there was evidence that the economy was indeed picking up steam and achieving sustainability, and stocks advanced in the first quarter amid signs of strength. However, equities struggled in the spring and summer as job growth slowed and confidence sagged. The Federal Reserve, conversely, became more confident in the health of the economy and began raising the overnight Fed Funds rate on June 30 in an effort to remove "excess monetary accommodation." An additional development was the sharp rise in oil prices, though "headline" inflation rose only moderately. These were new headwinds that threatened the pace of growth and increased the risk of inflation; both negatives for stocks. The S&P 500 was nearly unchanged at the end of the third quarter, while longer-term yields actually declined. In the fourth quarter, a resumption of stronger job growth, a drop in oil prices, and an end to a vituperative presidential campaign cleared the way for an equity rebound. The S&P 500 rose 9.2% including dividends during the quarter, and all sectors improved, led primarily by pro-cyclical technology, consumer discretionary, and industrial stocks. For all of 2004, energy led all sectors due to the sharp spike in oil prices. Utility and telecom stocks, while a small percentage of the index, performed well, and industrials, materials, and consumer discretionary stocks had above-average performance. Generally, the year was good for the value style of investing. Stocks with the lowest earnings growth outperformed stocks with high earnings growth, and companies with higher dividends tended to outperform those with low dividends. Also, stocks with smaller market capitalizations as well as international equities tended to outperform the S&P 500 in 2004. The Russell 2000 small-cap index returned 18.3%, and the MSCI EAFE Index gained 20.7%. In the fixed-income market, the pro-cyclical improvement in the economy benefited credit and high yield securities. 1 Our outlook for the economy in 2005 remains positive led by additional business investment and employment gains. However, the pace of growth is expected to slow closer to the longer-term average of 3.0%. Top line inflation may dip due to a decline in oil prices, but core inflation is likely to move moderately higher. The dollar is expected to remain under downward pressure. In this environment, we expect the Federal Reserve to continue with a series of rate hikes with a near-term goal of achieving interest rate "neutrality." Longer term yields are also likely to rise, but not dramatically. Corporate earnings growth has begun to moderate, and we project a slowing in S&P 500 operating profits growth for all of 2005 near the long-term average of 7%. History has shown that equity prices can still move higher when corporate earnings growth slows from high rates. We believe that companies with stronger financial quality (high cash flow, top line sales growth, low debt) should outperform in this climate, which may support a shift toward stocks with consistent earnings growth as well as the Growth style. We will continue to be very price sensitive in the entry and exit strategies for individual stocks. We still like stocks relative to bonds, given the current low absolute level of bond yields, the expected continuation of Fed tightening, the risk of higher inflation, and the downward pressure on the dollar. However, the upward path for equities could be bumpy over the near-term following the post-election rally and the increased valuation levels, especially if long-term yields move significantly higher. We favor a relative overweight position in large-caps over small-caps in fully diversified portfolios, and international equities over the S&P 500. In fixed-income portfolios, we believe yields should generally trend higher, and most of the movement will be in short-term rates causing the yield curve to flatten further from the current level. We recommend a neutral relative duration with a modest barbell maturity structure, and an overweight position in securities designed to perform well in rising inflation environments such as Treasury inflation-indexed securities (TIPS). However, following a significant narrowing of credit spreads, we moved to an underweight position in corporate bonds and will shift to an underweight in mortgages. Patience was required and rewarded in 2004. While we are generally optimistic on the future trend in the equity markets, the cross-currents in the global economy suggest that another dose of patience may be needed to reach longer-term investment goals. I appreciate the confidence you have placed in Trusco in managing your assets, and we value your relationship. Sincerely, /s/ Douglas Phillips Douglas Phillips Chairman Trusco Capital Management 2 PORTFOLIO INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS November 30, 2004 Percentages are based on market value - -------------------------------------------------------------------------------- PRIME QUALITY MONEY MARKET - -------------------------------------------------------------------------------- Certificates of Deposit 22.7% Commercial Papers 24.1% Corporate Bonds 46.2% Master Notes 3.5% Repurchase Agreements 3.5% - -------------------------------------------------------------------------------- TAX-EXEMPT MONEY MARKET FUND - -------------------------------------------------------------------------------- Municipal Bonds 99.8% Money Market Funds 0.2% - -------------------------------------------------------------------------------- U.S. GOVERNMENT SECURITIES MONEY MARKET FUND - -------------------------------------------------------------------------------- U.S. Government Agencies 81.0% Repurchase Agreements 19.0% - -------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND - -------------------------------------------------------------------------------- U.S. Treasury Obligations 12.7% Repurchase Agreements 87.3% - -------------------------------------------------------------------------------- VIRGINIA TAX-FREE MONEY MARKET FUND - -------------------------------------------------------------------------------- Municipal Bonds 98.0% Money Market Funds 2.0% Portfolio composition is subject to change. 3 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) PRIME QUALITY MONEY MARKET FUND
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ CERTIFICATES OF DEPOSIT (22.7%) BANKS (19.9%) Barclays Bank PLC, 2.090%, 03/24/05 (b) $110,000 $ 109,989 Bayerische Landesbank, 1.740%, 12/06/04 (b) 5,000 5,000 BNP Paribas, 1.120%, 12/30/04 50,000 49,958 BNP Paribas, 2.068%, 08/23/05 (b) 60,000 59,984 BNP Paribas, 1.905%, 10/03/05 65,000 64,977 Canadian Imperial Bank, 2.144%, 04/29/05 (b) 70,000 69,994 Canadian Imperial Bank, 2.134%, 05/31/05 (b) 50,000 49,993 Credit Lyonnais, 1.930%, 04/04/05 (b) 100,000 99,991 Credit Suisse First Boston, 2.055%, 12/13/04 82,000 82,000 Credit Suisse First Boston, 1.978%, 04/05/05 (b) 50,000 49,997 Credit Suisse First Boston, 2.108%, 11/18/05 (b) 40,000 40,000 ING Bank NV, 1.985%, 01/04/05 150,000 150,000 Lloyds TSB Group PLC, 2.500%, 05/31/05 50,000 50,001 Rabobank Nederland NV, 2.090%, 03/02/05 (b) 100,000 100,003 Royal Bank of Canada, 2.085%, 01/24/05 25,000 24,998 Wells Fargo & Co., 1.840%, 12/01/04 3,000 3,000 ---------- 1,009,885 ----------
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES (2.8%) National Rural Utility Cooperative Finance Corp., 2.120%, 12/17/04 $ 25,000 $ 25,000 Societe Generale, 1.120%, 12/23/04 100,000 99,939 Societe Generale, 1.185%, 01/04/05 20,000 19,983 ---------- 144,922 ---------- Total Certificates of Deposit (Cost $1,154,807) 1,154,807 ---------- COMMERCIAL PAPERS (24.1%) BANKS (7.9%) Anz Delaware, 2.003%, 12/17/04 (c) 1,900 1,898 Bank of Ireland, 1.868%, 12/08/04 (c) 10,500 10,496 Bank of Ireland, 1.938%, 12/09/04 (c) 1,400 1,399 Danske Corp., 2.028%, 12/06/04 (c) 27,000 26,992 Danske Corp., 1.940%, 12/09/04 (c) 1,256 1,255 DnB Nor Bank ASA, 1.906%, 12/03/04 (c) 3,300 3,300 DnB Nor Bank ASA, 2.168%, 01/10/05 (c) 48,000 47,885 Northern Rock PLC, 1.847%, 12/03/04 (c) 4,620 4,620 Spintab AB, 1.954%, 12/03/04 (c) 6,200 6,199 Spintab AB, 2.115%, 12/29/04 (c) 16,000 15,974 Spintab AB, 2.157%, 01/03/05 (c) 5,100 5,090
4 (Unaudited)
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ BANKS--CONTINUED Spintab AB, 2.168%, 01/10/05 (c) $100,000 $ 99,760 UBS Finance, 2.060%, 12/01/04 (c) 175,000 175,000 ---------- 399,868 ---------- DIVERSIFIED FINANCIAL SERVICES (12.2%) Allianz Financial Corp., 1.965%, 12/13/04 (c) 16,550 16,539 Atlantis One Funding, 2.051%, 12/02/04 (c) 2,800 2,800 BMW US Capital, 2.050%, 12/01/04 (c) 50,000 50,000 Caterpillar Financial Service, 2.041%, 12/01/04 (c) 8,000 8,000 CDC Commercial Paper, 2.334%, 02/22/05 (c) 300 298 CIT Group, Inc., 1.905%, 12/01/04 (c) 33,250 33,250 CIT Group, Inc., 1.925%, 12/03/04 (c) 7,214 7,213 CIT Group, Inc., 2.029%, 01/04/05 (c) 16,000 15,969 CIT Group, Inc., 2.296%, 03/02/05 (c) 7,026 6,986 Citicorp, 1.945%, 12/13/04 (c) 50,000 49,968 Citigroup Global Markets Holdings, 2.022%, 12/10/04 (c) 8,370 8,366 Compass Securitization LLC, 2.051%, 12/03/04 (c) 1,200 1,200 Compass Securitization LLC, 2.179%, 01/18/05 (c) 4,285 4,273 Compass Securitization LLC, 2.263%, 02/15/05 (c) 15,070 14,998 Diageo Capital PLC, 2.040%, 12/01/04 (c) 2,250 2,250
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--CONTINUED Diageo Capital PLC, 2.022%, 12/06/04 (c) $ 5,355 $ 5,353 ING Funding, 1.984%, 12/02/04 (c) 800 800 ING Funding, 1.897%, 12/06/04 (c) 1,400 1,400 International Lease Financial Corp., 2.167%, 01/10/05 (c) 23,650 23,593 International Lease Financial Corp., 2.193%, 01/18/05 (c) 25,000 24,927 International Lease Financial Corp., 2.042%, 12/03/04 (c) 24,150 24,147 International Lease Financial Corp., 2.032%, 12/10/04 (c) 5,175 5,172 Liquid Funding Ltd., 2.118%, 12/16/04 (c) 30,000 29,974 Mane Funding Corp., 2.113%, 12/21/04 (c) 13,173 13,158 National Rural Utilities Cooperative Finance Corp., 1.939%, 12/03/04 (c) 20,550 20,548 Prudential Funding Corp., 2.021%, 12/01/04 (c) 20,007 20,007 Rabobank USA Finance Corp., 2.050%, 12/01/04 (c) 100,000 100,000 Westpac Capital, 2.012%, 12/01/04 (c) 126,400 126,400 ---------- 617,589 ---------- ELECTRIC (0.3%) Consolidated Edison, Inc., 2.070%, 12/01/04 (c) 9,400 9,400 Southern Co., 2.031%, 12/02/04 (c) 2,900 2,900 Southern Co., 2.032%, 12/07/04 (c) 5,500 5,498 ---------- 17,798 ----------
5 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) PRIME QUALITY MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ INSURANCE (0.5%) New York Life, 2.042%, 12/06/04 (c) $ 1,022 $ 1,022 Swiss RE Financial, 2.050%, 01/11/05 (c) 25,000 24,942 ---------- 25,964 ---------- MEDIA (0.7%) New York Times, 2.001%, 12/01/04 (c) 38,000 38,000 ---------- METAL FABRICATE/HARDWARE (0.0%) Rio Tinto, 2.031%, 12/03/04 (c) 1,610 1,610 ---------- OIL & GAS (0.1%) E.I. du Pont de Nemours, 2.032%, 12/06/04 (c) 1,000 1,000 Total Capital, 2.060%, 12/01/04 (c) 2,750 2,750 ---------- 3,750 ---------- PHARMACEUTICALS (1.8%) Aventis, 2.041%, 12/03/04 (c) 4,000 4,000 Aventis, 1.887%, 12/08/04 (c) 15,000 14,995 Aventis, 2.242%, 02/09/05 (c) 47,000 46,795 Bristol-Myers Squibb Co., 2.033%, 12/03/04 (c) 27,700 27,697 ---------- 93,487 ---------- TELECOMMUNICATIONS (0.6%) SBC Communications, Inc., 2.041%, 12/01/04 (c) 3,000 3,000 SBC Communications, Inc., 2.038%, 12/07/04 (c) 25,000 24,992 ---------- 27,992 ---------- Total Commercial Papers (Cost $1,226,058) 1,226,058 ----------
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ CORPORATE BONDS (46.1%) BANKS (9.8%) American Express Centurion, 2.141%, 02/25/05 (b) $ 25,000 $ 25,000 American Express Centurion, 2.154%, 04/29/05 (b) 25,000 24,998 Bank of America Corp., 7.875%, 05/16/05 7,435 7,641 Bank of New York Co., Inc., 2.214%, 05/27/08 (b) (d) 25,000 25,000 Bayerische Landesbank, 2.230%, 01/14/05 (b) 20,000 20,004 Depfa Bank PLC, 1.860%, 09/15/05 (b) 125,000 125,000 Northern Rock PLC, 2.023%, 01/13/05 (b) (d) 2,000 2,000 Northern Rock PLC, 2.024%, 03/14/05 (b) 30,000 30,015 Northern Rock PLC, 1.870%, 12/09/08 (b) (d) 101,500 101,519 Norwest Corp., Ser F, 6.500%, 06/01/05 2,775 2,836 Wachovia Corp., 7.450%, 07/15/05 7,721 7,952 Wells Fargo & Co., 2.170%, 09/14/05 (b) 51,000 51,001 Wells Fargo & Co., 2.070%, 07/15/09 (b) 50,000 50,000 Wells Fargo & Co., Ser C, 2.020%, 01/02/08 (b) 10,000 10,000 WestLB AG, 1.888%, 12/17/04 (b) 15,000 15,000 ---------- 497,966 ----------
6 (Unaudited)
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES (30.0%) American Express Credit, Ser B, 2.100%, 03/05/08 (b) $ 90,000 $ 90,000 American General Finance, Ser G, 2.241%, 03/24/05 (b) 25,000 25,021 AT&T Capital Corp., Ser F, 6.600%, 05/15/05 11,647 11,885 Bear Stearns Co., Inc., 2.204%, 10/28/09 (b) 125,000 125,000 Bear Stearns Co., Inc., Ser B, 2.313%, 05/23/05 (b) 5,100 5,107 Beta Finance, Inc., 2.210%, 05/18/05 (b) (d) 122,000 121,986 BMW US Capital LLC, 4.071%, 06/07/05 (b) 100,000 101,017 Capital One Auto Finance Trust, Ser 2004-B, 2.070%, 10/17/05 (b) 60,288 60,288 CIT Group, Inc., 3.630%, 01/31/05 (b) 1,625 1,629 CIT Group, Inc., 2.560%, 02/14/05 (b) 30,690 30,706 Credit Suisse First Boston USA, Inc., 2.140%, 03/21/05 (b) 10,000 10,007 Dorada Finance, Inc., 2.160%, 07/15/05 (b) (d) 50,000 50,016 General Electric Capital Corp., 2.170%, 07/09/07 (b) 69,000 69,000 General Electric Capital Corp., 1.599%, 12/01/51 (b) 5,297 5,263 General Electric Capital Corp., Ser A, 2.300%, 02/03/05 (b) 1,000 1,000
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--CONTINUED General Electric Capital Corp., Ser A, 2.005%, 03/15/05 (b) $ 17,328 $ 17,336 General Electric Capital Corp., Ser A, 7.500%, 05/15/05 2,000 2,046 General Electric Capital Corp., Ser A, 1.579%, 06/28/55 (b) 5,760 5,701 General Electric Capital Corp., Ser A, 1.800%, 06/30/55 (b) 2,250 2,227 Goldman Sachs Group, Inc., 6.625%, 12/01/04 (d) 4,560 4,560 Goldman Sachs Group, Inc., 2.090%, 12/15/05 (b) (d) 100,000 100,000 Heller Financial, Inc., 8.000%, 06/15/05 7,142 7,357 Household Finance Corp., 2.141%, 10/25/05 (b) 50,000 50,000 Household Finance Corp., 2.141%, 10/28/05 (b) 50,000 49,998 Lehman Brothers Holdings, Inc., Ser G, 2.390%, 01/14/05 (b) 8,700 8,703 Lehman Brothers Holdings, Inc., Ser G, 2.310%, 04/05/05 (b) 10,000 10,010 Liberty Lights US Capital, 2.052%, 01/10/05 (b) (d) 35,000 34,999 Liquid Funding, 2.016%, 11/07/05 (b) (d) 115,000 114,983 Merrill Lynch & Co., Ser B, 2.288%, 12/17/04 (b) 20,000 20,002 Merrill Lynch & Co., 2.230%, 12/21/04 (b) 3,000 3,001
7 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) PRIME QUALITY MONEY MARKET FUND -- CONCLUDED
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--CONTINUED Merrill Lynch & Co., 2.039%, 02/03/09 (b) $ 30,000 $ 30,000 Morgan Stanley, 2.130%, 03/18/05 (b) 50,000 50,000 Morgan Stanley, 2.100%, 08/13/10 (b) 75,000 75,000 Morgan Stanley, 2.155%, 08/13/10 (b) 48,500 48,500 Newcourt Credit Group, Ser B, 6.875%, 02/16/05 17,800 17,994 Norwest Financial, Inc., 7.600%, 05/03/05 3,700 3,791 Sigma Finance, Inc., 2.398%, 01/12/05 (b) (d) 50,000 49,999 Sigma Finance, Inc., 2.175%, 08/05/05 (b) (d) 50,000 50,024 Sigma Finance, Inc., 2.050%, 10/11/05 (b) (d) 25,000 24,995 Toyota Motor Credit Corp., 2.155%, 03/17/05 (b) 1,000 1,000 Toyota Motors Credit Corp., 2.130%, 09/09/05 (b) 39,000 39,033 ---------- 1,529,184 ---------- ELECTRIC (1.2%) Georgia Power Co., 2.435%, 02/18/05 (b) 19,030 19,036 Georgia Power Co., 2.170%, 04/15/05 (b) 40,000 40,019 ---------- 59,055 ---------- INSURANCE (0.7%) Jefferson-Pilot Capital Corp., 2.110%, 02/17/11 (b) 35,000 35,000 ---------- MEDIA (0.1%) New York Times Co., 7.625%, 03/15/05 5,100 5,186 ----------
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ PHARMACEUTICALS (1.5%) Pfizer, Inc., 2.021%, 10/07/09 (b) (d) $ 75,000 $ 75,000 ---------- TELECOMMUNICATIONS (2.8%) BellSouth Corp., 4.119%, 04/26/05 (b) (d) 125,000 126,239 Vodafone Group PLC, 7.625%, 02/15/05 14,710 14,879 ---------- 141,118 ---------- Total Corporate Bonds (Cost $2,342,509) 2,342,509 ---------- MASTER NOTES (3.5%) BANKS (3.5%) Banc of America Master Note, 2.133% 180,000 180,000 ---------- Total Master Notes (Cost $180,000) 180,000 ---------- REPURCHASE AGREEMENTS (3.5%) Bear Stearns, 2.025% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $10,824,578 (collateralized by Fannie Mae obligations; total market value $11,043,831) 10,824 10,824 BNP Paribas, 1.955% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $21,200,437 (collateralized by U.S. Government obligations; total market value $21,624,220) 21,199 21,199
8 (Unaudited)
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ REPURCHASE AGREEMENTS--CONTINUED Lehman Brothers, 1.985% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $48,764,305 (collateralized by U.S. Government obligations; total market value $49,739,103) $ 48,762 $ 48,762 Merrill Lynch, 1.995% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $28,387,024 (collateralized by Fannie Mae obligations; total market value $28,954,421) 28,385 28,385 Morgan Stanley, 2.005%, dated 11/30/04, to be repurchased on 12/01/04 repurchase price $8,869,605 (collateralized by Fannie Mae obligations; total market value $9,088,822) 8,869 8,869
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ REPURCHASE AGREEMENTS--CONTINUED UBS Warburg, 1.995% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $60,861,344 (collateralized by Fannie Mae obligations; total market value $62,076,366) $ 60,858 $ 60,858 ---------- Total Repurchase Agreements (Cost $178,897) 178,897 ---------- Total Investments (Cost $5,082,271) (a) -- 99.9% 5,082,271 Other assets in excess of liabilities -- 0.1% 5,115 ---------- Net Assets -- 100.0% $5,087,386 ==========
See notes to schedules of portfolio investments and notes to financial statements. 9 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) TAX-EXEMPT MONEY MARKET FUND
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ MUNICIPAL BONDS (99.6%) ALABAMA (4.5%) Birmingham, Special Care Facilities, Carraway Methodist Health Project, Ser A, RB, LOC: Amsouth Bank, 1.720%, 08/15/28 (b) $ 9,695 $ 9,695 Birmingham, Special Care Facilities, Ser PT-510, RB, 1.770%, 11/15/20 (b) 14,080 14,080 Cherokee, Industrial Development Board, BOC Group Project, RB, LOC: Wachovia Bank of Georgia, 1.680%, 04/01/08 (b) 3,500 3,500 Covington County, GO, LOC: SouthTrust Bank, 1.750%, 06/01/32 (b) 2,355 2,355 Daphne-Villa Mercy, Special Care Facility Authority, Mercy Medical Project, RB, LOC: AmSouth Bank, 1.640%, 12/01/27 (b) 13,000 13,000 Daphne-Villa Mercy, Special Care Facility Authority, Mercy Medical Project, RB, LOC: AmSouth Bank, 1.640%, 12/01/30 (b) 13,200 13,200
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ ALABAMA--CONTINUED Marion, Education Building Authority, Judson College Project, RB, LOC: SouthTrust Bank, 1.720%, 01/01/33 (b) $ 6,775 $ 6,775 ----------- 62,605 ----------- ALASKA (2.7%) Valdez, Marine Terminal, Exxon Pipeline Co. Project, RB, 1.590%, 10/01/25 (b) 25,000 25,000 Valdez, Marine Terminal, Exxon Pipeline Co. Project, RB, 1.590%, 12/01/29 (b) 13,000 13,000 ----------- 38,000 ----------- ARIZONA (0.3%) Salt River Project, Agricultural Improvement & Power District, Electric System, Ser SG-10, RB, 1.710%, 01/01/30 (b) 3,700 3,700 ----------- ARKANSAS (0.2%) Springdale, Sales & Use Tax, RB, MBIA, 3.000%, 07/01/05 (b) 2,305 2,323 ----------- CALIFORNIA (1.5%) CSUCI, Financing Authority, RB, 1.600%, 08/01/31 (b) 6,100 6,100 Los Angeles, Regional Airports Improvement Corp. Lease, RB, 1.700%, 12/01/25 (b) 13,000 13,000
10 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ CALIFORNIA--CONTINUED Sacramento City, Financing Authority, Water Improvement Project, RB, AMBAC, 1.690%, 12/01/08 (b) $ 1,900 $ 1,900 ----------- 21,000 ----------- COLORADO (0.4%) Colorado State, Multi- Family Housing & Finance Authority, St. Moritz Project, Ser H, RB, FNMA, 1.690%, 10/15/16 (b) 5,615 5,615 ----------- CONNECTICUT (2.4%) Connecticut State Health and Educational Facilities Authority, RB, PT-905, 2.200%, 08/12/19, Callable 07/01/05 @ 100 (b) 19,755 19,755 Connecticut State, Special Obligation Rate Reduction, Series A, RB, 3.000%, 06/30/05 (b) 12,975 13,079 ----------- 32,834 ----------- DISTRICT OF COLUMBIA (1.2%) District of Columbia, Phillips College, RB, LOC: Bank of America, 1.690%, 08/01/33 (b) 6,000 6,000 District of Columbia, Planned Parenthood, RB, LOC: Bank of America, 1.690%, 12/01/29 (b) 6,600 6,600
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ DISTRICT OF COLUMBIA--CONTINUED District of Columbia, Planned Parenthood, RB, LOC: Branch Banking & Trust, 1.700%, 11/01/27 (b) $ 3,595 $ 3,595 ----------- 16,195 ----------- FLORIDA (7.7%) Dade County, Water & Sewer System, Ser SG- 74, RB, 1.700%, 10/01/25 (b) 10,000 10,000 De Soto County, Industrial Development Authority, Tremron Project, RB, LOC: Branch Banking & Trust, 1.800%, 11/01/15 (b) 4,000 4,000 Florida State, Housing Finance Authority, Brentwood Club Apartments Project, Ser A-1, RB, FNMA, AMT, 1.690%, 01/15/35 (b) 10,400 10,400 Florida State, Multi-Family Authority, Bainbridge Project, Ser M, RB, FNMA, AMT, 1.670%, 12/01/25 (b) 6,270 6,270 Florida State, Multi-Family Housing Finance Authority, St. Andrews Pointe Apartments, Ser E-1, RB, FNMA, AMT, LOC: Bank of America, 1.690%, 06/15/36 (b) 8,700 8,700
11 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ FLORIDA--CONTINUED Florida State, Multi-Family Housing Finance Authority, Stone Harbor Apartments, Ser K, RB, AMT, LOC: Amsouth Bank, 1.690%, 07/15/36 (b) $ 5,560 $ 5,560 Hillsborough County, Industrial Development Authority, Independent Day School Project, RB, LOC: Bank of America, 1.740%, 09/01/26 (b) 4,300 4,300 Jacksonville, Economic Development Authority, Goodwill Project, RB, LOC: SouthTrust Bank, 1.720%, 07/01/23 (b) 3,100 3,100 Lee County, Housing Finance Authority, RB, 1.650%, 03/01/34 (b) 1,570 1,570 Manatee County, St. Stephens Upper School Project, RB, LOC: Bank of America, 1.740%, 11/01/25 (b) 3,300 3,300 Miami-Dade County, Industrial Development Authority, Gulliver Schools Project, RB, LOC: Bank of America, 1.740%, 09/01/29 (b) 7,150 7,150 Munimae, RB, AMT, FHLMC, 1.770%, 12/19/05 (b) 5,000 5,000
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ FLORIDA--CONTINUED Orange County, Housing Finance Authority, Charleston Club Apartments, Ser A, RB, AMT, FNMA, 1.670%, 07/15/34 (b) $ 7,000 $ 7,000 Palm Beach County, Norton Gallery Project, RB, LOC: Northern Trust Company, 1.670%, 05/01/25 (b) 2,500 2,500 Santa Rosa County, Health Facilities Authority, Baptist Hospital, RB, LOC: Bank of America, 1.690%, 10/01/21 (b) 8,100 8,100 Sarasota County, Health Facilities Authority, Bay Village Project, RB, LOC: Bank of America, 1.740%, 12/01/23 (b) 4,400 4,400 Tampa Bay, Regional Water Supply Authority, RB, AMT, LOC: Bank of America, 1.740%, 10/01/31 (b) 9,200 9,200 University of North Florida, Parking Systems Project, RB, LOC: First Union National Bank, 1.730%, 05/01/28 (b) 5,500 5,500 ----------- 106,050 -----------
12 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ GEORGIA (2.3%) Atlanta, Airport Authority, Ser 313, RB, FGIC, AMT, 1.800%, 01/01/18 (b) $ 3,335 $ 3,335 Cobb County, Educational Facilities Development Authority, Kennesaw State University Project, RB, AMBAC, 1.680%, 11/01/18 (b) 5,030 5,030 Georgia State, Eagle Trust, RB, 1.720%, 07/01/15 (b) 7,025 7,025 Houston County, Development Authority, Clean Control Project, RB, AMT, LOC: Branch Banking & Trust, 1.800%, 06/01/20 (b) 2,800 2,800 Metropolitan Atlanta, Rapid Transit Authority, Ser SG-57, RB, AMBAC, 1.710%, 07/01/20 (b) 5,000 5,000 Savannah, Economic Development Authority, Exempt Facilities - Construction Utilities Project, RB, AMT, LOC: Branch Banking & Trust, 1.800%, 12/01/19 (b) 2,185 2,185 Savannah, Economic Development Authority, Kennickell Printing Project, RB, AMT, LOC: Branch Banking & Trust, 1.800%, 09/01/11 (b) 1,620 1,620
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ GEORGIA--CONTINUED Toombs County, Hospital Authority, Meadows Regional Medical, RB, LOC: Branch Banking & Trust, 1.700%, 12/01/17 (b) $ 4,900 $ 4,900 ----------- 31,895 ----------- HAWAII (0.4%) State Airports System, RB, AMT, 1.650%, 07/01/09 (b) 4,995 4,995 ----------- IDAHO (0.1%) Idaho State, Housing & Finance Association, Ser PA-115, RB, 1.760%, 01/01/27 (b) 1,231 1,231 ----------- ILLINOIS (8.2%) Bloomington, Normal Airport Authority, 1.730%, 01/01/12 (b) 800 800 Chicago, Airport Special Facilities, Centerpoint O'Hare Project, RB, AMT, LOC: Bank One, 1.730%, 09/01/32 (b) 2,800 2,800 Chicago, Merlots Project, Series WWW, GO, AMBAC, 1.740%, 01/01/22 (b) 11,000 11,000 Chicago, Water Authority, Merlots Project, RB, LOC: Bank of New York, 1.120%, 11/01/30 (b) 14,940 14,940
13 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ ILLINOIS--CONTINUED Illinois State, Development Finance Authority, RB, LOC: Danske Bank, 1.770%, 06/01/06 (b) $ 28,000 $ 28,000 Illinois State, Educational Facilities Authority, Chicago Children's Museum Project, RB, LOC: Bank One, 1.680%, 02/01/28 (b) 1,600 1,600 Illinois State, Educational Facilities Authority, Museum of Science & Industry Project, RB, LOC: Northern Trust Company, 1.680%, 11/01/15 (b) 4,500 4,500 Illinois State, Health Facilities Authority, Advocate Health Care Project, Ser B, RB, 1.700%, 08/15/22 (b) 2,100 2,100 Illinois State, Health Facilities Authority, Proctor Hospital Project, RB, LOC: Bank One, 1.680%, 01/01/12 (b) 3,800 3,800 Illinois State, Regional Transportation Authority, Ser SG-82, RB, 1.710%, 06/01/25 (b) 17,500 17,500 Illinois State, Merlots, Ser B04, GO, FSA, 1.740%, 12/01/24 (b) 7,240 7,240
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ ILLINOIS--CONTINUED Lockport, Industrial Development Authority, Panduit Project, RB, AMT, LOC: Fifth Third Bank, 1.790%, 04/01/25 (b) $ 2,000 $ 2,000 Macon County, Millikin University Project, RB, AMBAC, 1.690%, 10/01/28 (b) 5,850 5,850 Naperville, Heritage YMCA Group, RB, LOC: Fifth Third Bank, 1.670%, 12/01/29 (b) 7,800 7,800 Savanna, Industrial Development Authority, Metform Project, Ser A, RB, AMT, LOC: Bank One, 1.730%, 05/01/14 (b) 500 500 Savanna, Industrial Development Authority, Ser B, RB, AMT, LOC: Bank One, 1.730%, 06/01/09 (b) 1,400 1,400 Wheeling, Industrial Development Authority, Circuit Service Project, RB, AMT, LOC: Bank One Illinois, 1.830%, 04/01/18 (b) 1,800 1,800 ----------- 113,630 -----------
14 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ INDIANA (3.4%) Elkhart County, Industrial Economic Development Authority, Holly Park Project, RB, AMT, LOC: Bank One Indiana, 1.830%, 02/01/10 (b) $ 1,500 $ 1,500 Fort Wayne, Economic Development Authority, Technical Project, RB, AMT, LOC: Bank One, 1.730%, 07/01/09 (b) 1,000 1,000 Indiana Bond Bank, RB, 1.720%, 02/01/22, Callable 02/01/15 @ 100 (b) 5,190 5,190 Indiana State, Development Finance Authority, Christel House Project, RB, LOC: Fifth Third Bank, 1.670%, 02/01/23 (b) 6,940 6,940 Indiana State, Development Finance Authority, Culver Educational Project, RB, LOC: Northern Trust Company, 1.680%, 01/01/32 (b) 12,700 12,700 Indiana State, Development Finance Authority, Historical Society Project, RB, LOC: Bank One Indiana, 1.680%, 08/01/31 (b) 1,200 1,200
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ INDIANA--CONTINUED Indiana State, Health Facilities Financing Authority, Clarian Health Partners Project, Ser B, RB, SPA: NBD Bank, 1.660%, 02/15/26 (b) $ 2,000 $ 2,000 La Porte County, Industrial Economic Development Authority, Pedcor Investments -- Woodland Project, RB, AMT, FHLB, 1.780%, 10/01/29 (b) 1,200 1,200 Marshall County, Industrial Economic Development Authority, Culver Education Foundation Project, RB, LOC: Bank One, 1.680%, 01/01/35 (b) 8,300 8,300 Warren Township, Vision 2005, Merlots, Ser A-52, RB, FGIC, 1.740%, 07/15/20 (b) 6,600 6,600 ----------- 46,630 ----------- IOWA (0.5%) Iowa, Higher Education Loan Authority, Private College -- Graceland Project, RB, LOC: Bank of America, 1.740%, 02/01/33 (b) 3,800 3,800
15 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ IOWA--CONTINUED Sac County, Industrial Development Authority, Evapco Project, RB, AMT, LOC: Bank of America, 1.790%, 07/01/16 (b) $ 2,620 $ 2,620 ----------- 6,420 ----------- KANSAS (0.2%) Sedgewick & Shawnee Counties, Single Family Revenue, RB, SPA: Merrill Lynch, 1.760%, 12/01/22 (b) 2,890 2,890 ----------- KENTUCKY (0.3%) Campbell County, Industrial Building Authority, Hospital Imaging Project, RB, LOC: Fifth Third Bank, 1.690%, 04/01/20 (b) 2,815 2,815 Kentucky State, Development Districts Financing Authority, RB, LOC: First Union National Bank, 1.780%, 06/01/33 (b) 1,000 1,000 ----------- 3,815 ----------- LOUISIANA (1.2%) Louisiana Public Facilities Authority, Advance Funding, Ser C, RB, 3.000%, 10/20/05 (b) 3,325 3,361
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ LOUISIANA--CONTINUED Louisiana Public Facilities Authority, Advance Funding, Ser D, RB, 3.000%, 10/20/05 (b) $ 13,235 $ 13,379 ----------- 16,740 ----------- MARYLAND (3.3%) Howard County, Economic Development Authority, Norbell School Project, RB, LOC: Branch Banking & Trust, 1.700%, 02/01/28 (b) 4,885 4,885 Maryland State, Economic Development Authority, YMCA Central Maryland Project, RB, LOC: Branch Banking & Trust, 1.700%, 04/01/28 (b) 4,450 4,450 Maryland State, Ser PA-816, GO, 1.690%, 03/01/12 (b) 5,995 5,995 Montgomery County, Housing Opportunities Authority, Ser I, RB, AMT, FNMA, 1.670%, 06/01/30 (b) 30,000 30,000 ----------- 45,330 ----------- MASSACHUSETTS (3.4%) Massachusetts State Development Financing Agency, Boston University, Ser R2, RB, 1.650%, 10/01/42 (b) 21,600 21,600
16 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ MASSACHUSETTS--CONTINUED Massachusetts State Development Financing Agency, Boston University, Ser R4, RB, 1.650%, 10/01/42 (b) $ 15,000 $ 15,000 Massachusetts State, Ser PT-1390, GO, FSA, 1.680%, 03/01/10 (b) 9,925 9,925 ----------- 46,525 ----------- MICHIGAN (1.8%) Detroit Sewer Disposal System, Ser E, RB, 1.550%, 07/01/31 (b) 15,000 15,000 Michigan, Ser 2004-2, RB, GNMA, AMT, SPA: ABN Amro Bank, 1.770%, 12/20/11 (b) 9,780 9,780 Oakland County, Economic Development Authority, Moody Family Limited Project, RB, AMT, LOC: Bank One Michigan, 1.830%, 09/01/12 (b) 600 600 ----------- 25,380 ----------- MISSOURI (0.3%) Carthage, Industrial Development Authority, Schrieber Project, RB, AMT, LOC: First National Bank, 1.730%, 11/01/10 (b) 3,100 3,100
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ MISSOURI--CONTINUED Missouri State, Environmental Improvement & Energy Resource Authority, Utilicorp United Project, RB, AMT, LOC: Toronto Dominion Bank, 1.730%, 05/01/28 (b) $ 700 $ 700 ----------- 3,800 ----------- MONTANA (0.6%) Missoula County, Economic Development Authority, Dinny Stranahan Research Project, RB, LOC: Northern Trust Company, 1.690%, 06/01/20 (b) 8,500 8,500 ----------- NEVADA (1.0%) Clark County, Airport Improvement Authority, Sub-Lien, Ser A-2, RB, AMT, LOC: Westdeutsche Landesbank, 1.700%, 07/01/25 (b) 3,825 3,825 Nevada State, Ser 344, GO, FGIC, 1.730%, 05/15/28 (b) 5,495 5,495 Nevada State, Ser SG-114, RB, 1.710%, 03/01/27 (b) (d) 5,000 5,000 ----------- 14,320 -----------
17 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ NEW JERSEY (2.6%) New Jersey State, Transportation Authority, Ser PA-802, RB, FSA, 1.690%, 12/15/09 (b) $ 10,000 $ 10,000 New Jersey, Economic Development Authority, RB, MBIA, 1.690%, 06/15/10 (b) 15,620 15,620 New Jersey, Economic Development Authority, RB, MBIA, 1.690%, 12/15/14 (b) 10,645 10,645 ----------- 36,265 ----------- NEW YORK (10.9%) Metropolitan New York, Transportation Authority, Ser PA-1077, RB, FSA, 1.700%, 05/15/10 (b) 20,500 20,500 New York City, Multi- Family Housing Finance Authority, Ser A, RB, LOC: KeyBank, 1.650%, 07/01/35 (b) 35,205 35,205 New York City, Municipal Water Financing Authority, Ser PA-454, RB, SPA: Merrill Lynch Capital, 1.690%, 07/15/30 (b) 14,500 14,500 New York City, Municipal Water Financing Authority, Ser SGB-27, RB, FSA, 1.690%, 06/15/24 (b) 9,000 9,000
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ NEW YORK--CONTINUED New York City, PT-2203, RB, MBIA, 1.700%, 08/01/10 (b) $ 4,985 $ 4,985 New York State, Dormitory Authority, Ser PA-781, RB, FSA, 1.690%, 05/15/17 (b) 6,655 6,655 New York State, Housing Finance Agency, Ser A, RB, AMT, FNMA, 1.670%, 05/15/33 (b) 29,000 29,000 New York State, Housing Finance Agency, Ser A, RB, AMT, FNMA, 1.680%, 11/01/35 (b) 15,000 15,000 New York State, Local Government Assistance, Ser PT-410, 1.690%, 04/01/10 (b) 14,925 14,925 Southeast New York, Industrial Development Agency, Unilock New York Project, RB, AMT, LOC: Bank One, 1.830%, 12/01/12 (b) 2,200 2,200 ----------- 151,970 ----------- NORTH CAROLINA (4.7%) Charlotte NC Water & Sewer System, RB, 2.000%, 06/03/05, Pays at Maturity (b) 11,500 11,500 Charlotte NC Water & Sewer System, RB, 1.600%, 08/01/34, Puttable 06/03/05 @ 100 (b) 10,000 10,000
18 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ NORTH CAROLINA--CONTINUED Charlotte, Airport Authority, Ser A, RB, AMT, MBIA, 1.690%, 07/01/17 (b) $ 3,700 $ 3,700 Cleveland County, Family YMCA, RB, LOC: Branch Banking & Trust, 1.700%, 08/01/18 (b) 2,400 2,400 Forsyth County Communications System Project, COP, SPA: Wachovia Bank, 1.700%, 10/01/12 (b) 10,345 10,345 Guilford County, Industrial & Recreational Facilities Authority. YMCA Project, RB, LOC: Branch Banking & Trust, 1.700%, 02/01/23 (b) 4,900 4,900 North Carolina State, Educational Facilities Finance Agency, Guilford College Project, RB, MBIA, 1.700%, 05/01/24 (b) 2,000 2,000 North Carolina State, Medical Care Authority, Westcare Health Systems, RB, LOC: Branch Banking & Trust, 1.700%, 09/01/22 (b) 4,600 4,600
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ NORTH CAROLINA--CONTINUED North Carolina State, Medical Care Commission, Friends Homes, RB, LOC: Bank of America, 1.690%, 09/01/33 (b) $ 6,955 $ 6,955 North Carolina State, Medical Care Community Hospital, Lutheran Services for the Aging Project, RB, LOC: Branch Banking & Trust, 1.680%, 03/01/28 (b) 8,135 8,135 ----------- 64,535 ----------- OHIO (2.3%) Ohio State, Air Quality Development Authority, JMG Limited Partnership, Ser A, RB, AMT, LOC: Westdeutsche Landesbank, 1.670%, 04/01/28 (b) 3,000 3,000 Ohio State, Higher Educational Facility Commission, Pooled Financing Project, RB, LOC: Fifth Third Bank, 1.730%, 09/01/18 (b) 3,695 3,695 Rickenbacker, Port Authority, YMCA of Central Ohio Project, RB, LOC: Fifth Third Bank, 1.680%, 05/01/22 (b) 8,500 8,500
19 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ OHIO--CONTINUED Toledo, City Services, Special Assessment, LOC: Bank One, 1.680%, 12/01/04 (b) $ 8,600 $ 8,600 Warrren County, Health Care Improvement, Otterbein Project, Ser A, RB, LOC: Fifth Third Bank, 1.660%, 07/01/21 (b) 7,945 7,945 ----------- 31,740 ----------- OTHER (9.2%) Municipal Securities Pool Trust Receipts, 1.820%, 06/01/34 (b) 30,480 30,480 Municipal Securities Pool Trust Receipts, 1.820%, 01/01/35 (b) 8,800 8,800 Puttable Floating Rate Option, Tax-Exempt Receipts, Cl A, 1.200%, 01/01/32 (b) 10,000 10,000 Puttable Floating Rate Option, Tax-Exempt Receipts, Cl B, 1.770%, 01/01/32 (b) 58,000 58,000 Puttable Floating Rate Option, Tax-Exempt Receipts, Cl D, 1.820%, 03/01/40 (b) 10,000 10,000 Puttable Floating Rate Option, Tax-Exempt Receipts, Cl I, 1.820%, 03/01/40 (b) 10,000 10,000 ----------- 127,280 -----------
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ PENNSYLVANIA (2.6%) Berks County, Industrial Development Authority, Kutztown University Foundation Project, RB, LOC: Wachovia Bank, 1.680%, 01/01/27 (b) $ 13,000 $ 13,000 Cambria County, Industrial Development Authority, Kutztown University Foundation Project, RB, AMT, LOC: Bayerische Hypo, 1.710%, 12/01/28 (b) 7,125 7,125 Delaware River Port Authority, RB, FSA, 1.710%, 01/01/10 (b) 7,000 7,000 Philadelphia, Industrial Development Authority, Chemical Heritage Foundation Project, RB, LOC: Wachovia Bank, 1.680%, 07/01/27 (b) 9,225 9,225 ----------- 36,350 ----------- RHODE ISLAND (0.4%) Rhode Island State, Health & Educational Building Authority, Ocean Street Assitance, RB, LOC: Sovereign Bank, 1.640%, 07/01/31 (b) 6,000 6,000 -----------
20 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ SOUTH CAROLINA (3.9%) Newberry County, Memorial Hospital Authority, Newberry County Memorial Hospital Project, RB, LOC: First Union National Bank, 1.680%, 12/01/29 (b) $ 10,000 $ 10,000 South Carolina State, Educational Facilities Authority, Charleston Southern University Project, RB, LOC: Bank of America, 1.690%, 04/01/28 (b) 5,550 5,550 South Carolina State, Educational Facilities Authority, Newberry College Project, RB, LOC: Branch Banking & Trust, 1.700%, 08/01/22 (b) 3,775 3,775 South Carolina State, Jobs Economic Development Authority, Anderson Area YMCA Project, RB, LOC: Bank of America, 1.740%, 11/01/24 (b) 7,100 7,100 South Carolina State, Jobs Economic Development Authority, Carolina Village Project, RB, LOC: Branch Banking & Trust, 1.700%, 02/01/22 (b) 105 105
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ SOUTH CAROLINA--CONTINUED South Carolina State, Jobs Economic Development Authority, Developmental Foundation Project, RB, LOC: Branch Banking & Trust, 1.700%, 12/01/10 (b) $ 6,000 $ 6,000 South Carolina State, Jobs Economic Development Authority, Sargent Metal Fabricators Project, RB, AMT, LOC: Branch Banking & Trust, 1.800%, 11/01/22 (b) 2,435 2,435 South Carolina State, Jobs Economic Development Authority, YMCA Beaufort County Project, RB, LOC: Branch Banking & Trust, 1.700%, 12/01/24 (b) 3,450 3,450 South Carolina State, Jobs Economic Development Authority, Diversified Coating Project, RB, LOC: Branch Banking & Trust, 1.800%, 04/01/17 (b) 2,185 2,185 South Carolina, Housing Finance & Development Authority, Ser PT-1272, RB, FHLMC, 1.770%, 12/15/30 (b) 10,000 10,000
21 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) TAX-EXEMPT MONEY MARKET FUND -- CONTINUED
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ SOUTH CAROLINA--CONTINUED University of South Carolina, Jobs Economic Development Authority, Development Foundation Project, RB, LOC: Branch Banking & Trust, 1.700%, 12/01/10 (b) $ 4,000 $ 4,000 ----------- 54,600 ----------- TENNESSEE (1.7%) Covington, Industrial Development Board, Charms Project, RB, AMT, LOC: Bank of America, 1.730%, 06/01/27 (b) 3,000 3,000 Knox County, Industrial Development Board, Educational Services of America Project, RB, LOC: Branch Banking & Trust, 1.700%, 12/01/22 (b) 3,705 3,705 Metropolitan Government Nashville & Davidson County, Nashville Christian School Project, RB, LOC: SouthTrust Bank, 1.720%, 09/01/23 (b) 1,565 1,565 Tennessee State, Local Development Authority, RB, Ser A, 3.000%, 05/31/05 (b) 15,000 15,110 ----------- 23,380 -----------
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ TEXAS (4.4%) Coastal Bend, Health Facilities Development Authority, Incarnate World Health Systems Project, Ser B, RB, AMBAC, 1.640%, 08/15/28 (b) $ 17,400 $ 17,400 Houston, Airport System, Ser SG-149, RB, FSA, 1.720%, 07/01/28 (b) 17,500 17,500 Houston, Higher Education Finance Authority, Ser SG-139, RB, SPA: Societe Generale, 1.710%, 11/15/29 (b) 3,100 3,100 Houston, Water & Sewer System Authority, Ser SG-78, RB, 1.710%, 12/01/25 (b) 8,835 8,835 Pearland, Independent School District, Ser SG-106, GO, 1.710%, 02/15/22 (b) 600 600 Texas State, Eagle Trust, Ser 991301, GO, 1.720%, 06/01/25 (b) 9,900 9,900 Texas State, Lower Colorado River Authority, Merlots, Ser ZZZ, RB, FSA, 1.740%, 10/01/28 (b) 3,500 3,500 ----------- 60,835 -----------
22 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ VIRGINIA (6.5%) Alexandria, Redevelopment & Housing Authority, Ser PT-1251, RB, 1.810%, 12/01/29 (b) $ 4,495 $ 4,495 Charlottesville, Industrial Development Authority, Seminole Project, Ser A, RB, LOC: Branch Banking & Trust, 1.620%, 12/01/13 (b) 3,635 3,635 Chesterfield County, Industrial Development Authority, RB, SPA: Merrill Lynch, 1.770%, 02/15/07 (b) 6,995 6,995 Clarke County, Industrial Development Authority, Powhatan School District Project, RB, LOC: Branch Banking & Trust, 1.700%, 09/01/22 (b) 1,600 1,600 Danville-Pittsylvania, Industrial Development Facility, Institute of Advanced Research Project, RB, LOC: Branch Banking & Trust, 1.700%, 08/01/12 (b) 2,325 2,325
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ VIRGINIA--CONTINUED Front Royal & Warren County, Industrial Development Authority, Warren Memorial Hospital Project, RB, LOC: Branch Banking & Trust, 1.700%, 05/01/23 (b) $ 2,945 $ 2,945 Hanover County, Industrial Development Authority, Covenant Woods Project, RB, LOC: Branch Banking & Trust, 1.700%, 07/01/29 (b) 10,810 10,810 Lexington, Industrial Development Authority, RB, 1.680%, 12/01/34, Callable 12/01/10 @ 100 (b) 10,000 10,000 Louisa County, Industrial Development Authority, University of Virginia Health Services Foundation, RB, LOC: First Union National Bank, 1.680%, 10/01/30 (b) 3,000 3,000 Rockingham County, Industrial Development Authority, Sunnyside Presbyterian, RB, LOC: Branch Banking & Trust, 1.700%, 12/01/33 (b) 10,600 10,600
23 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) TAX-EXEMPT MONEY MARKET FUND -- CONCLUDED
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ VIRGINIA--CONTINUED Shenandoah County, Industrial Development Authority, Shenandoah Memorial Hospital, RB, LOC: Branch Banking & Trust, 1.700%, 11/01/14 (b) $ 3,270 $ 3,270 University of Virginia, Merlots, Ser B-31, RB, SPA: Wachovia, 1.740%, 06/01/27 (b) 4,740 4,740 Virginia Beach, Development Authority, Ser PT-1146, RB, AMT, 1.800%, 09/01/16 (b) 1,100 1,100 Virginia College, Building Authority, Shenandoah University Project, RB, LOC: Branch Banking & Trust, 1.670%, 05/01/32 (b) 3,000 3,000 Virginia State Resource Authority, Clean Water Revenue, Ser PA-790, RB, 1.690%, 10/01/16, Callable 10/01/10 @ 100 (b) 2,000 2,000 Virginia State, Biotechnology Research Park Authority, RB, LOC: Wachovia Bank, 1.680%, 04/01/27 (b) 6,890 6,890 Virginia State, Public School Authority, Ser PT-1619, RB, 1.690%, 08/01/08 (b) 2,490 2,490
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ VIRGINIA--CONTINUED Virginia, Ser 2003-33, RB, MBIA, SPA: ABN-Amro Bank, 1.690%, 04/01/11 (b) $ 5,370 $ 5,370 Williamsburg, Industrial Development Authority, Colonial Williamsburg, RB, LOC: First Union National Bank, 1.680%, 10/01/35 (b) 4,220 4,220 ----------- 89,485 ----------- WASHINGTON (2.3%) King County, Housing Authority, RB, 1.690%, 09/20/42 (b) 5,580 5,580 King County, Water & Sewer Authority, Ser PT-1071, RB, FSA, 1.710%, 01/01/10 (b) 7,495 7,495 Northwest Electric, Energy, Ser PT-2186, RB, FSA, 1.730%, 07/01/08 (b) 500 500 Seattle, Ser 348, GO, 1.730%, 12/15/28 (b) 4,495 4,495 Washington State, Public Power Supply System, Nuclear Power Supply System, Nuclear Power Project No. 1, Ser 1A-1, RB, LOC: Bank of America, 1.680%, 07/01/17 (b) 3,745 3,745
24 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ WASHINGTON--CONTINUED Washington State, Merlots, Ser B-23, GO, MBIA, SPA: Wachovia, 1.740%, 12/01/25 (b) $ 10,000 $ 10,000 ----------- 31,815 ----------- WISCONSIN (0.2%) Appleton, Industrial Development, Pro Label Project, RB, AMT, LOC: Bank One, 1.930%, 11/01/12 (b) 585 585 Germantown, Industrial Development Authority, Speaker Project, RB, AMT, LOC: Bank One Milwaukee, 1.930%, 08/01/11 (b) 560 560 Holland, Industrial Development Authority, White Clover Dairy Project, RB, AMT, LOC: Bank One Wisconsin, 1.830%, 06/01/13 (b) 985 985
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ WISCONSIN--CONTINUED Oconomowoc, Industrial Development Authority, Quest Technologies Project, RB, AMT, LOC: Bank One Wisconsin, 1.830%, 05/01/18 (b) $ 1,255 $ 1,255 ----------- 3,385 ----------- Total Municipal Bonds (Cost $1,378,063) 1,378,063 ----------- MONEY MARKET FUNDS (0.2%) Goldman Sachs Financial Square Funds, Tax Free Money Market Fund 2,715,239 2,715 SEI Tax Exempt Trust, Institutional Tax Free Fund 175,971 176 ----------- Total Money Market Funds (Cost $2,891) 2,891 ----------- Total Investments (Cost $1,380,954) (a) --99.8% 1,380,954 Other assets in excess of liabilities -- 0.2% 2,142 ----------- Net Assets -- 100.0% $ 1,383,096 ===========
See notes to schedules of portfolio investments and notes to financial statements. 25 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) U.S. GOVERNMENT SECURITIES MONEY MARKET FUND
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- U.S. GOVERNMENT AGENCIES (81.0%) FANNIE MAE (28.6%) 1.994%, 12/14/04 (c) $25,000 $ 24,982 1.079%, 12/16/04 (c) 10,000 9,996 1.918%, 12/22/04 (c) 25,000 24,972 1.928%, 12/29/04 (c) 25,000 24,963 1.268%, 01/07/05 (c) 20,000 19,974 1.245%, 02/04/05 (c) 20,000 19,956 1.360%, 02/15/05 15,000 15,000 2.060%, 02/23/05 (b) 50,000 49,999 1.573%, 04/01/05 (c) 10,000 9,948 2.048%, 05/03/05 (b) 25,000 24,998 2.067%, 06/24/05 (c) 15,000 14,829 2.420%, 10/14/05 (c) 20,000 19,580 -------- 259,197 -------- FEDERAL AGRICULTURAL MORTGAGE CORPORATION (6.1%) 2.075%, 02/24/05 (b) 30,000 30,000 2.050%, 09/30/05 (b) 25,000 25,004 -------- 55,004 -------- FEDERAL FARM CREDIT BANK (6.6%) 2.094%, 01/28/05 (b) 20,000 20,000 2.001%, 05/16/05 (b) 25,000 24,998 2.198%, 09/15/05 (c) 15,000 14,742 -------- 59,740 -------- FEDERAL HOME LOAN BANK (22.7%) 2.125%, 12/15/04 35,000 35,003 2.338%, 12/15/04 (b) 25,000 25,000 2.328%, 12/17/04 (b) 45,200 45,200 1.200%, 04/01/05 15,000 14,999 1.400%, 04/01/05, Callable 03/08/05 @100 20,000 20,000 2.001%, 09/16/05 (b) 65,000 64,977 -------- 205,179 -------- FREDDIE MAC (17.0%) 1.626%, 12/06/04 (c) 25,000 24,995 1.520%, 12/24/04 10,000 10,000
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- FREDDIE MAC--CONTINUED 1.731%, 12/27/04 (c) $15,000 $ 14,981 1.711%, 12/31/04 (c) 25,000 24,965 2.051%, 06/09/05 (c) 20,000 19,787 2.020%, 06/27/05 (c) 15,000 14,828 2.333%, 09/20/05 (c) 10,000 9,814 2.346%, 10/18/05 (c) 15,000 14,693 2.802%, 11/15/05 (c) 20,000 19,471 -------- 153,534 -------- Total U.S. Government Agencies (Cost $732,654) 732,654 -------- REPURCHASE AGREEMENTS (19.0%) ABN AMRO, 1.955%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $19,241,512 (collateralized by FHDN obligations; total market value $19,626,037) 19,240 19,240 Bear Stearns, 2.025%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $23,378,294 (collateralized by FNMA obligations; total market value $23,846,077) 23,377 23,377 BNP Paribas, 1.955%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $23,461,499 (collateralized by FHLB obligations; total market value $23,932,345) 23,460 23,460
26 (Unaudited)
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED Lehman Brothers, 1.985%, dated 11/30/04, to be repurchased in 12/01/04, repurchase price $35,179,197 (collateralized by FGPC obligations; total market value $35,881,914) $35,177 $ 35,178 Merrill Lynch, 1.995%, dated 11/30/04, to be repurchased in 12/01/04, repurchase price $26,591,681 (collateralized by GNMA obligations; total market value $27,122,816) 26,590 26,590 Morgan Stanley, 2.005%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $10,981,917 (collateralized by FNAR obligations; total market value $11,200,951) 10,981 10,981
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED UBS Warburg, 1.995%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $33,150,757 (collateralized by FNRM obligations; total market value $33,814,140) $33,149 $ 33,149 -------- Total Repurchase Agreements (Cost $171,975) 171,975 -------- Total Investments (Cost $904,629) (a) -- 100.0% 904,629 -------- Liabilities in excess of other assets -- 0.0% (301) -------- Net Assets -- 100.0% $904,328 ========
See notes to schedules of portfolio investments and notes to financial statements. 27 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) U.S. TREASURY MONEY MARKET FUND
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ U.S. TREASURY OBLIGATIONS (12.7%) U.S. TREASURY BILLS (4.5%) 2.221%, 02/24/05 $ 60,000 $ 59,695 ---------- U.S. TREASURY NOTES (8.2%) 6.750%, 05/15/05 60,000 61,290 5.750%, 11/15/05 45,000 46,468 ---------- 107,758 ---------- Total U.S. Treasury Obligations (Cost $167,453) 167,453 ---------- REPURCHASE AGREEMENTS (87.4%) ABN Amro, 1.905%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $59,647,178 (collateralized by U.S. Treasury obligations; total market value $60,837,248) 59,644 59,644 Bear Stearns, 1.855%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $24,945,101 (collateralized by U.S. Treasury obligations; total market value $26,472,068) 24,944 24,944 BNP Paribas, 1.905%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $321,991,218 (collateralized by U.S. Treasury obligations; total market value $328,414,181) 321,974 321,974
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ REPURCHASE AGREEMENTS--CONTINUED Deutsche Bank, 1.905%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $62,325,758 (collateralized by U.S. Treasury obligations; total market value $63,571,143) $ 62,325 $ 62,325 Dresdner Bank, 1.875%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $62,192,759 (collateralized by U.S. Treasury obligations; total market value $63,438,824) 62,190 62,190 Greenwich Capital, 1.905%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $326,072,827 (collateralized by U.S. Treasury obligations; total market value $332,578,239) 326,056 326,055 JPMorgan, 1.875%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $58,403,644 (collateralized by U.S. Treasury obligations; total market value $59,571,083) 58,401 58,401
28 (Unaudited)
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ REPURCHASE AGREEMENTS--CONTINUED Lehman Brothers, 1.915%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $62,016,456 (collateralized by U.S. Treasury obligations; total market value $63,253,908) $ 62,013 $ 62,013 Merrill Lynch, 1.885%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $60,482,407 (collateralized by U.S. Treasury obligations; total market value $61,692,298) 60,480 60,480 Morgan Stanley Dean Witter, 1.875%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $61,044,630 (collateralized by U.S. Treasury obligations; total market value $62,262,382) 61,041 61,041
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ REPURCHASE AGREEMENTS--CONTINUED UBS Warburg, 1.915%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $57,729,174 (collateralized by U.S. Treasury obligations; total market value $58,885,146) $ 57,726 $ 57,726 ---------- Total Repurchase Agreements (Cost $1,156,793) 1,156,793 ---------- Total Investments (Cost $1,324,246) (a) -- 100.1% 1,324,246 Liabilities in excess of other assets -- (0.1)% (1,892) ---------- Net Assets -- 100.0% $1,322,354 ==========
See notes to schedules of portfolio investments and notes to financial statements. 29 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) VIRGINIA TAX-FREE MONEY MARKET FUND
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- MUNICIPAL BONDS (100.5%) PUERTO RICO (12.8%) Puerto Rico Commonwealth, 1.670%, 07/01/12 (b) $ 5,000 $ 5,000 Puerto Rico Commonwealth, 1.670%, 07/01/13 (b) 5,000 5,000 Puerto Rico Commonwealth, 1.670%, 07/01/16 (b) 2,000 2,000 Puerto Rico, Electric Power Authority, RB, 1.670%, 07/01/16 (b) 5,750 5,750 Puerto Rico, Finance Agency, Ser 609, 1.670%, 08/01/19 (b) 9,500 9,500 Puerto Rico, Public Building Authority, Ser 577, RB, AMBAC, 1.670%, 07/01/21 (b) 4,000 4,000 Puerto Rico, Public Finance Corp., AMBAC, 1.670%, 06/01/14, Callable 07/01/08 @ 101.5 (b) 7,300 7,300 Puerto Rico, Public Finance Corp., Ser 502, 1.670%, 06/01/19 (b) 6,315 6,315 -------- 44,865 -------- VIRGINIA (87.7%) Albemarle County, Industrial Development Authority, Eldercare Gardens Project, RB, LOC: Bank of America, 1.690%, 12/01/05 (b) 2,445 2,445
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- VIRGINIA--CONTINUED Albemarle County, Industrial Development Authority, University of Virginia Health Services Project, RB, 1.680%, 10/01/22 (b) $ 6,185 $ 6,185 Alexandria, Industrial Development Authority, Alexandria County Day School, RB, 1.730%, 06/01/25 (b) 4,295 4,295 Alexandria, Industrial Development Authority, American Red Cross Project, RB, LOC: First Union National Bank, 1.730%, 01/01/09 (b) 2,515 2,515 Alexandria, Industrial Development Authority, Association for Supervision & Currency Project, RB, 1.680%, 07/01/23 (b) 1,485 1,485 Alexandria, Industrial Development Authority, Pooled Loan Program, Ser A, RB, LOC: Bank of America, 1.690%, 07/01/26 (b) 1,000 1,000 Alexandria, Redevelopment & Housing Authority, Ser PT 1444, RB, 1.770%, 12/01/04 (b) 1,000 1,000 Arlington County, Ballston Public Parking Project, RB, LOC: Citibank, 1.570%, 08/01/17 (b) 6,750 6,750
30 (Unaudited)
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- VIRGINIA--CONTINUED Ashland, Industrial Development Authority, Health & Community Services Facilities Authority, YMCA Greater Richmond Project, Ser A, RB, 1.680%, 11/01/20 (b) $ 8,740 $ 8,740 Charles City County, Economic Development Authority, Waste Management Inc. Project, Ser A, RB, AMT, LOC: JP Morgan Chase, 1.740%, 02/01/29 (b) 4,000 4,000 Chesapeake Bay, Bridge & Tunnel Community District Authority, General Resolution Project, RB, MBIA, 1.720%, 07/01/25 (b) 6,755 6,755 Chesterfield County Industrial Development Authority, Virginia State University Real Estate, Ser A, RB, LOC: Bank of America, 1.690%, 07/01/29 (b) 1,265 1,265 Clarke County, Industrial Development Authority, Winchester Medical Center Project, RB, FSA, 1.700%, 01/01/30 (b) 10,000 10,000
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- VIRGINIA--CONTINUED Danville-Pittsylvania, Industrial Development Facility, Institute of Advanced Research Project, RB, LOC: Branch Banking & Trust, 1.700%, 08/01/12 (b) $ 7,130 $ 7,130 Fairfax County, Economic Development Authority, Cable Access Recovery, Ser A, RB, LOC: First Union National Bank, 1.780%, 05/01/25 (b) 1,265 1,265 Fairfax County, Economic Development Authority, Flint Hill School Project, RB, LOC: First Union National Bank, 1.630%, 09/01/21 (b) 4,640 4,640 Fairfax County, Industrial Development Authority, Fairfax Hospital Project, Ser B, RB, 1.640%, 10/01/25 (b) 1,960 1,960 Fairfax County, Industrial Development Authority, Inova Health Systems Project, RB, 1.640%, 01/01/30 (b) 14,000 14,000 Fairfax County, Industrial Development Authority, Inova Services Project, Ser A, RB, 1.640%, 01/15/22 (b) 1,000 1,000 Fairfax County, Sewer Authority, RB, 1.690%, 07/15/15 (b) 5,000 5,000
31 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) VIRGINIA TAX-FREE MONEY MARKET FUND -- CONTINUED
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- VIRGINIA--CONTINUED Fairfax County, Water Authority, Municipal Trade Receipts Project, RB, 1.690%, 04/01/30 (b) $ 7,850 $ 7,850 Front Royal & Warren County, Industrial Development Authority, Warren Memorial Hospital Project, RB, LOC: Branch Banking & Trust, 1.700%, 05/01/23 (b) 580 580 Greene County, Industrial Development Authority, Blue Ridge School Project, RB, LOC: Branch Banking & Trust, 1.700%, 06/01/26 (b) 5,900 5,900 Hampton Roads, Jail Authority, Ser 569, RB, MBIA, 1.710%, 07/01/12 (b) 1,200 1,200 Hampton, Redevelopment & Housing Authority, Multi- Family Housing, Avalon at Hampton Inn Project, Ser A, RB, LOC: Credit Suisse First Boston, 1.670%, 06/15/26 (b) 2,750 2,750 Hampton, Redevelopment & Housing Authority, Multi- Family Housing, Avalon Pointe Project, RB, AMT, FNMA, 1.690%, 06/15/26 (b) 4,538 4,538
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- VIRGINIA--CONTINUED Hanover County, Industrial Development Authority, Covenant Woods Project, RB, LOC: Branch Banking & Trust, 1.700%, 07/01/29 (b) $ 6,000 $ 6,000 Henrico County, Economic Development Authority, Steward School Project, RB, LOC: Branch Banking & Trust, 1.700%, 07/01/33 (b) 2,900 2,900 Loudon County, Industrial Development Authority, Howard Hughes Medical Project, Ser D, RB, 1.650%, 02/15/38 (b) 6,000 6,000 Loudon County, Industrial Development Authority, Howard Hughes Medical Project, Ser F, RB, 1.640%, 02/15/38 (b) 4,400 4,400 Loudoun County, Industrial Development Authority, Howard Hughes Medical Institute, Ser C, RB, 1.700%, 02/15/38 (b) 4,000 4,000 Louisa County, Industrial Development Authority, Pooled Financing Project, RB, LOC: Bank of America, 1.690%, 01/01/20 (b) 1,100 1,100 Lynchburg, Industrial Development Authority, Aerofin Project, RB, AMT, LOC: PNC Bank, 1.820%, 03/01/29 (b) 2,075 2,075
32 (Unaudited)
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- VIRGINIA--CONTINUED Lynchburg, Industrial Development Authority, Educational Facilities, Randolph Macon Project, RB, LOC: Wachovia Bank, 1.680%, 09/01/23 (b) $ 7,870 $ 7,870 Lynchburg, Industrial Development Hospital Facilities, First Mortgage, Mid Atlantic, Ser G, RB, AMBAC, 1.690%, 12/01/25 (b) 6,930 6,930 Manassas, School Project, 3.000%, 07/01/05 1,100 1,109 Newport News, Redevelopment & Housing Authority, Ser PT 1374, RB, 1.690%, 01/01/05 (b) 9,045 9,045 Newport News, Economic Development Authority, Jefferson Point Development Project, RB, LOC: Credit Suisse First Boston, 1.700%, 11/01/11 (b) 5,200 5,200 Newport News, Industrial Development Authority, CNU Warwick Student Housing Project, RB, LOC: Bank of America, 1.690%, 11/01/28 (b) 4,300 4,300 Norfolk, Industrial Development Authority, Children's Hospital Facilities Project, RB, LOC: Wachovia Bank, 1.690%, 06/01/20 (b) 15,300 15,299
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- VIRGINIA--CONTINUED Norfolk, Redevelopment & Housing Authority, Old Dominion University Project, RB, LOC: Bank of America, 1.690%, 08/01/33 (b) $ 3,000 $ 3,000 Norfolk, Redevelopment & Housing Authority, Old Dominion University Project, Ser B, RB, LOC: Bank of America, 1.690%, 08/01/33 (b) 4,400 4,400 Orange County, Industrial Development Authority, Zamma Project, RB, LOC: SouthTrust Bank, 1.870%, 12/01/22 (b) 2,000 2,000 Penisula, Ports Authority, Dominion Term Project, Ser C, RB, 1.640%, 07/01/16 (b) 2,380 2,380 Penisula, Ports Authority, Riverside Health Systems Project, RB, 1.730%, 07/01/37 (b) 4,900 4,900 Portsmouth, Industrial Development Authority, Fairwood Homes Project, Ser A, RB, LOC: Bank of America, 1.680%, 11/01/27 (b) 2,645 2,645 Prince Edward County, Industrial Development Authority, Eldercare of Virginia Project, RB, LOC: Bank of America, 1.690%, 08/01/05 (b) 2,050 2,050
33 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) VIRGINIA TAX-FREE MONEY MARKET FUND -- CONCLUDED
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- VIRGINIA--CONTINUED Prince George County, Industrial Development Authority, Metropolitan Span Project, RB, AMT, LOC: Bank One Texas, 1.830%, 09/01/19 (b) $ 4,310 $ 4,310 Roanoke, Industrial Development Authority, Hollins University Project, RB, LOC: First Union National Bank, 1.680%, 05/01/15 (b) 5,500 5,500 University of Virginia, Ser A, RB, 1.650%, 06/01/34 (b) 11,000 11,000 Virginia Beach, Development Authority, Multi-Family Housing, Ser PT-1146, RB, SPA: Merrill Lynch Capital, 1.720%, 07/01/06 (b) 12,830 12,830 Virginia Beach, Development Authority, Ocean Ranch Project, RB, LOC: Branch Banking & Trust, 1.700%, 07/01/17 (b) 1,785 1,785 Virginia State Resource Authority, Clean Water Revenue, Ser PA 790, RB, 1.690%, 10/01/16, Callable 10/01/10 @ 100 (b) 1,800 1,800 Virginia State, Port Authority, Ser SG 111, RB, 1.740%, 07/01/24 (b) 14,705 14,705
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- VIRGINIA--CONTINUED Virginia State, Commonwealth Transportation Board Authority, Ser SG 134, RB, 1.690%, 05/15/22, Callable 05/15/09 @ 101 $ 2,900 $ 2,900 Virginia State, Housing Development Authority, Sub-Ser I-1, RB, AMT, 3.750%, 01/01/05 1,000 1,002 Virginia State, Public Building Authority, Ser 131, RB, 1.710%, 08/01/19, Callable 08/01/08 @ 100 (b) 1,785 1,785 Virginia State, Public School Authority, Ser PT-1619, RB, 1.690%, 08/01/08 (b) 8,505 8,505 Virginia State, Public School Authority, Ser 431, RB, 1.690%, 08/01/06 (b) 2,500 2,500 Virginia State, Public School Authority, Ser II-R 4050, RB, 1.720%, 08/01/17, Callable 08/01/13 @ 100 (b) 4,155 4,155 Virginia State, Small Business Financing Authority, Clarke County Industrial Development Project, RB, AMT, LOC: Branch Banking & Trust, 1.800%, 07/01/25 (b) 1,740 1,740
34 (Unaudited)
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- VIRGINIA--CONTINUED Virginia State, Transportation Board Authority, Eagle Trust, Ser 994601, RB, 1.720%, 05/15/19, Callable 05/15/09 @ 101 (b) $ 10,560 $ 10,560 Virginia, College Building Authority, Ser 134, RB, FSA, 1.690%, 09/01/18 (b) 9,435 9,435 Williamsburg, Industrial Development Authority, Colonial Williamsburg Museum Foundation Project, RB, LOC: Bank of America, 1.690%, 12/01/18 (b) 600 600 -------- 306,963 -------- Total Municipal Bonds (Cost $351,828) 351,828 --------
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- MONEY MARKET FUNDS (2.0%) Federated Virginia Municipal Cash Trust, Institutional Class 6,958,539 $ 6,959 -------- Total Money Market Funds (Cost $6,959) 6,959 -------- Total Investments (Cost $358,787) (a) -- 102.5% 358,787 Liabilities in excess of other assets -- (2.5)% (8,883) -------- Net Assets -- 100.0% $349,904 ========
See notes to schedules of portfolio investments and notes to financial statements. 35 STI CLASSIC FUNDS NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS (a) See notes to financial statements for unrealized appreciation/(depreciation) of securities on a tax basis. (b) Variable rate security. Rate presented represents rate in effect at November 30, 2004. Maturity date represents actual maturity date. (c) Rate represents the effective yield at purchase. (d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The following abbreviations are used in these Schedules of Portfolio Investments: AMBAC Security insured by the American Municipal Bond Assurance Corporation AMT Alternative Minimum Tax Paper FGIC Security insured by the Financial Guaranty Insurance Company. FSA Security insured by Financial Security Assurance. GO General Obligation LLC Limited Liability Company MBIA Security insured by the Municipal Bond Insurance Association. RB Revenue Bond Ser Series
36 STATEMENTS OF ASSETS AND LIABILITIES (000) STI CLASSIC FUNDS November 30, 2004 (Unaudited)
U.S. Government Virginia Prime Quality Tax-Exempt Securities U.S. Treasury Tax-Free Money Market Money Market Money Market Money Market Money Market Fund Fund Fund Fund Fund ------------- ------------ --------------- ------------- ------------ Assets: Investments, at Value............................ $4,903,374 $1,380,954 $732,654 $ 167,453 $358,787 Repurchase Agreements, at Value.................. 178,897 -- 171,975 1,156,793 -- ---------- ---------- -------- ---------- -------- Total Investments, at Value*..................... 5,082,271 1,380,954 904,629 1,324,246 358,787 ---------- ---------- -------- ---------- -------- Accrued Income................................... 13,555 4,032 1,372 2,128 1,057 Receivable for Investment Securities Sold........ 1 -- -- -- -- Prepaid Expenses and Other Assets................ 195 46 29 46 10 ---------- ---------- -------- ---------- -------- Total Assets..................................... 5,096,022 1,385,032 906,030 1,326,420 359,854 ---------- ---------- -------- ---------- -------- Liabilities: Income Distributions Payable..................... 5,403 1,303 921 1,495 317 Payable for Investment Securities Purchased...... 241 -- 266 1,865 9,473 Investment Advisory Fees Payable................. 2,214 513 416 605 112 Administration Fees Payable...................... 112 31 20 30 8 Distribution and Service Fees Payable............ 313 38 31 -- 24 Custodian Fees Payable........................... 68 -- 8 12 3 Accrued Expenses................................. 285 51 40 59 13 ---------- ---------- -------- ---------- -------- Total Liabilities................................ 8,636 1,936 1,702 4,066 9,950 ---------- ---------- -------- ---------- -------- Total Net Assets................................. $5,087,386 $1,383,096 $904,328 $1,322,354 $349,904 ========== ========== ======== ========== ======== Net Assets: Capital.......................................... $5,087,518 $1,382,666 $904,326 $1,322,386 $349,764 Undistributed (Distribution in Excess of) Net Investment Income.............................. (152) -- 1 (203) (1) Accumulated Net Realized Gains on Investments.... 20 430 1 171 141 ---------- ---------- -------- ---------- -------- Total Net Assets................................. $5,087,386 $1,383,096 $904,328 $1,322,354 $349,904 ========== ========== ======== ========== ======== NET ASSETS: T Shares......................................... $3,201,444 $1,070,629 $682,580 $1,322,052 $191,590 A Shares......................................... $1,871,924 $ 312,467 $221,748 $ 302 $158,314 L Shares......................................... $ 14,018 N/A N/A N/A N/A SHARES OUTSTANDING: T Shares......................................... 3,201,556 1,070,277 682,579 1,322,085 191,507 A Shares......................................... 1,871,943 312,387 221,749 302 158,255 L Shares......................................... 14,018 N/A N/A N/A N/A NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: T Shares......................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 A Shares......................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 L Shares**....................................... $ 1.00 N/A N/A N/A N/A
Amounts designated as "--" are $0 or have been rounded to $0. * Cost of Investments $5,082,271, $1,380,954, $904,629, $1,324,246 and $358,787, respectively. ** Redemption price per share varies by length of time shares are held. See notes to financial statements. 37 STATEMENTS OF OPERATIONS (000) STI CLASSIC FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited)
U.S. Government Virginia Prime Quality Tax-Exempt Securities U.S. Treasury Tax-Free Money Market Money Market Money Market Money Market Money Market Fund Fund Fund Fund Fund ------------- ------------ --------------- ------------- ------------ Investment Income: Dividend Income.............................. $ 314 $ 133 $ -- $ -- $ 37 Interest Income.............................. 40,511 8,836 6,675 9,281 2,060 ------- ------ ------ ------ ------ Total Investment Income...................... 40,825 8,969 6,675 9,281 2,097 ------- ------ ------ ------ ------ Expenses: Investment Advisory Fees..................... 16,563 3,596 2,778 4,097 615 Administration Fees.......................... 1,025 259 168 247 60 Distribution Fees -- A Shares................ 1,858 218 197 -- 241 Distribution and Service Fees -- L Shares.... 66 Custodian Fees............................... 115 -- 10 15 4 Professional Fees............................ 87 22 15 21 5 Insurance Fees............................... 49 12 8 11 3 Registration Fees............................ 84 22 14 21 5 Transfer Agent Fees.......................... 135 36 25 35 12 Printing Fees................................ 82 21 14 20 5 Trustees' Fees............................... 23 6 4 6 1 Other Expenses............................... 61 13 8 24 4 ------- ------ ------ ------ ------ Total Expenses............................... 20,148 4,205 3,241 4,497 955 Less: Investment Advisory Fees Waived...... (2,803) (652) (385) (567) -- Less: Distribution Fees Waived/Reimbursed -- A Shares............ (70) (12) (10) (2) (125) Less: Distribution and Service Fees Waived/ Reimbursed -- L Shares................... (48) Expense Offset -- Insurance Premiums....... (29) (7) (5) (6) (2) ------- ------ ------ ------ ------ Net Expenses................................. 17,198 3,534 2,841 3,922 828 ------- ------ ------ ------ ------ Net Investment Income........................ 23,627 5,435 3,834 5,359 1,269 ------- ------ ------ ------ ------ Net Realized Gain (Loss) on Investments: Net Realized Gain (Loss) on Investments Sold....................................... (12) 82 -- (245) 76 ------- ------ ------ ------ ------ Total Net Realized Gain (Loss) on Investments................................ (12) 82 -- (245) 76 ------- ------ ------ ------ ------ Net Increase in Net Assets from Operations.... $23,615 $5,517 $3,834 $5,114 $1,345 ======= ====== ====== ====== ======
Amounts designated as "--" are $0 or have been rounded to $0. See notes to financial statements. 38 STATEMENTS OF CHANGES IN NET ASSETS (000) STI CLASSIC FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Year Ended May 31, 2004
U.S. Government Prime Quality Money Tax-Exempt Money Securities Money Market Fund Market Fund Market Fund ------------------------- ------------------------ ----------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 ----------- ----------- ---------- ----------- --------- ----------- Operations: Net Investment Income...... $ 23,627 $ 26,541 $ 5,435 $ 5,965 $ 3,834 $ 3,705 Net Realized Gain (Loss) on Investments Sold......... (12) 655 82 353 -- 27 ----------- ----------- ---------- ----------- --------- ----------- Net Increase in Net Assets from Operations.......... 23,615 27,196 5,517 6,318 3,834 3,732 ----------- ----------- ---------- ----------- --------- ----------- Dividends and Distributions to Shareholders: Net Investment Income: T Shares................. (16,039) (20,077) (4,392) (5,054) (2,956) (3,043) A Shares................. (7,612) (6,411) (1,043) (911) (888) (662) L Shares................. (63) (53) Realized Capital Gains: T Shares................. -- (79) -- (110) -- -- A Shares................. -- (38) -- (26) -- -- ----------- ----------- ---------- ----------- --------- ----------- Total Dividends and Distributions............ (23,714) (26,658) (5,435) (6,101) (3,844) (3,705) ----------- ----------- ---------- ----------- --------- ----------- Capital Transactions: Proceeds from Shares Issued................... 2,442,810 4,619,877 850,740 1,785,908 822,566 1,463,261 Reinvestment of Cash Distributions............ 7,682 8,227 882 937 1,051 1,065 Cost of Shares Redeemed.... (2,717,664) (5,498,405) (721,699) (1,861,837) (768,703) (1,857,735) ----------- ----------- ---------- ----------- --------- ----------- Increase (Decrease) in Net Assets from Capital Transactions............. (267,172) (870,301) 129,923 (74,992) 54,914 (393,409) ----------- ----------- ---------- ----------- --------- ----------- Total Increase (Decrease) in Net Assets............ (267,271) (869,763) 130,005 (74,775) 54,904 (393,382) ----------- ----------- ---------- ----------- --------- ----------- Net Assets: Beginning of Period........ 5,354,657 6,224,420 1,253,091 1,327,866 849,424 1,242,806 ----------- ----------- ---------- ----------- --------- ----------- End of Period.............. $ 5,087,386 $ 5,354,657 $1,383,096 $ 1,253,091 $ 904,328 $ 849,424 =========== =========== ========== =========== ========= =========== Undistributed (Distribution in Excess of) Net Investment Income, End of Period..................... $ (152) $ 65 $ -- $ -- $ 1 $ 11 =========== =========== ========== =========== ========= =========== U.S. Treasury Money Virginia Tax-Free Market Fund Money Market Fund ------------------------ --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 ---------- ----------- --------- --------- Operations: Net Investment Income...... $ 5,359 $ 3,587 $ 1,269 $ 1,436 Net Realized Gain (Loss) on Investments Sold......... (245) 628 76 87 ---------- ----------- --------- --------- Net Increase in Net Assets from Operations.......... 5,114 4,215 1,345 1,523 ---------- ----------- --------- --------- Dividends and Distributions to Shareholders: Net Investment Income: T Shares................. (5,540) (3,589) (843) (1,059) A Shares................. (1) (1) (427) (377) L Shares................. Realized Capital Gains: T Shares................. -- (590) -- (80) A Shares................. -- -- -- (44) ---------- ----------- --------- --------- Total Dividends and Distributions............ (5,541) (4,180) (1,270) (1,560) ---------- ----------- --------- --------- Capital Transactions: Proceeds from Shares Issued................... 646,380 1,849,653 258,701 396,341 Reinvestment of Cash Distributions............ 43 54 422 550 Cost of Shares Redeemed.... (557,608) (1,696,555) (201,592) (420,582) ---------- ----------- --------- --------- Increase (Decrease) in Net Assets from Capital Transactions............. 88,815 153,152 57,531 (23,691) ---------- ----------- --------- --------- Total Increase (Decrease) in Net Assets............ 88,388 153,187 57,606 (23,728) ---------- ----------- --------- --------- Net Assets: Beginning of Period........ 1,233,966 1,080,779 292,298 316,026 ---------- ----------- --------- --------- End of Period.............. $1,322,354 $ 1,233,966 $ 349,904 $ 292,298 ========== =========== ========= ========= Undistributed (Distribution in Excess of) Net Investment Income, End of Period..................... $ (203) $ (21) $ (1) $ -- ========== =========== ========= =========
Amounts designated as "--" are either $0 or have been rounded to $0. See notes to financial statements. 39 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Period Ended May 31, For a Share Outstanding Throughout Each Period
Net Asset Net Net Realized and Dividends Value, Investment Unrealized from Beginning of Income Gains (Losses) Total From Net Investment Period (Loss) on Investments Operations Income ------------ ---------- ---------------- ---------- -------------- PRIME QUALITY MONEY MARKET FUND T Shares 2004* $1.00 0.01 -- 0.01 (0.01) 2004 1.00 0.01 -- 0.01 (0.01) 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.02 -- 0.02 (0.02) 2001 1.00 0.06 -- 0.06 (0.06) 2000 1.00 0.05 -- 0.05 (0.05) A Shares 2004* $1.00 --** -- --** --** 2004 1.00 -- -- -- --** 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.02 -- 0.02 (0.02) 2001 1.00 0.05 -- 0.05 (0.05) 2000 1.00 0.05 -- 0.05 (0.05) L Shares 2004* $1.00 --** -- --** --** 2004 1.00 -- -- -- --** 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.01 -- 0.01 (0.01) 2001 1.00 0.05 -- 0.05 (0.05) 2000(a) 1.00 0.03 -- 0.03 (0.03) TAX-EXEMPT MONEY MARKET FUND T Shares 2004* $1.00 --** -- --** --** 2004 1.00 -- -- -- --** 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.01 -- 0.01 (0.01) 2001 1.00 0.03 -- 0.03 (0.03) 2000 1.00 0.03 -- 0.03 (0.03) A Shares 2004* $1.00 --** -- --** --** 2004 1.00 -- -- -- --** 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.01 -- 0.01 (0.01) 2001 1.00 0.03 -- 0.03 (0.03) 2000 1.00 0.03 -- 0.03 (0.03) U.S. GOVERNMENT SECURITIES MONEY MARKET FUND T Shares 2004* $1.00 0.01 -- 0.01 (0.01) 2004 1.00 -- -- -- --** 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.02 -- 0.02 (0.02) 2001 1.00 0.05 -- 0.05 (0.05) 2000 1.00 0.05 -- 0.05 (0.05) A Shares 2004* $1.00 --** -- --** --** 2004 1.00 -- -- -- --** 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.02 -- 0.02 (0.02) 2001 1.00 0.05 -- 0.05 (0.05) 2000 1.00 0.05 -- 0.05 (0.05) Distributions from Total Realized Dividends and Capital Gains Distributions ------------- ------------- PRIME QUALITY MONEY MARKET FUND T Shares -- (0.01) --** (0.01) --** (0.01) -- (0.02) -- (0.06) -- (0.05) A Shares -- --** --** --** --** (0.01) -- (0.02) -- (0.05) -- (0.05) L Shares -- --** --** --** --** (0.01) -- (0.01) -- (0.05) -- (0.03) TAX-EXEMPT MONEY MARKET FUND T Shares -- --** --** --** --** (0.01) --** (0.01) -- (0.03) -- (0.03) A Shares -- --** --** --** --** (0.01) --** (0.01) -- (0.03) -- (0.03) U.S. GOVERNMENT SECURITIES MONEY MARKET FUND T Shares -- (0.01) -- --** -- (0.01) -- (0.02) -- (0.05) -- (0.05) A Shares -- --** -- --** -- (0.01) -- (0.02) -- (0.05) -- (0.05)
40
Ratio of Ratio of Expenses to Net Assets Net Assets, Ratio of Net Net Investment Average Net Assets Value, End Total End of Expenses to Income (Loss) to (Excluding Waivers of Period Return+ Period (000) Average Net Assets Average Net Assets and Reimbursements) - ---------- ------- ------------ ------------------ ------------------ -------------------- $1.00 0.51% $3,201,444 0.60% 0.99% 0.71% 1.00 0.52 3,477,598 0.63 0.52 0.74 1.00 1.17 4,284,266 0.63 1.14 0.74 1.00 2.29 3,907,203 0.63 2.22 0.74 1.00 5.75 3,728,371 0.63 5.57 0.75 1.00 5.20 3,311,229 0.60 5.06 0.75 $1.00 0.41% $1,871,924 0.80% 0.82% 0.91% 1.00 0.34 1,851,615 0.81 0.34 0.95 1.00 0.98 1,925,521 0.81 0.96 0.94 1.00 2.11 1,887,033 0.81 2.09 0.94 1.00 5.57 1,927,309 0.80 5.36 0.95 1.00 5.02 1,312,653 0.77 4.94 0.95 $1.00 0.39% $ 14,018 0.85% 0.71% 1.51% 1.00 0.22 25,444 0.93 0.21 1.59 1.00 0.54 14,633 1.25 0.53 1.62 1.00 1.36 12,302 1.54 1.04 1.70 1.00 4.75 4,051 1.53 4.54 1.92 1.00 2.93 3,445 1.50 4.46 1.99 $1.00 0.43% $1,070,629 0.51% 0.86% 0.61% 1.00 0.48 978,548 0.55 0.46 0.64 1.00 0.81 1,088,415 0.54 0.79 0.64 1.00 1.38 907,827 0.55 1.39 0.65 1.00 3.47 1,080,362 0.54 3.40 0.65 1.00 3.19 755,858 0.52 3.16 0.66 $1.00 0.36% $ 312,467 0.65% 0.72% 0.76% 1.00 0.35 274,543 0.67 0.34 0.80 1.00 0.68 239,451 0.67 0.67 0.79 1.00 1.26 218,048 0.67 1.25 0.80 1.00 3.35 256,894 0.67 3.22 0.80 1.00 3.07 125,500 0.64 3.01 0.82 $1.00 0.47% $ 682,580 0.62% 0.95% 0.71% 1.00 0.43 615,324 0.66 0.43 0.75 1.00 1.01 992,560 0.65 1.00 0.74 1.00 2.25 997,759 0.66 2.17 0.75 1.00 5.56 805,285 0.65 5.29 0.75 1.00 4.86 468,568 0.63 4.80 0.74 $1.00 0.38% $ 221,748 0.78% 0.77% 0.88% 1.00 0.28 234,100 0.80 0.28 0.92 1.00 0.86 250,246 0.80 0.86 0.92 1.00 2.11 210,004 0.80 2.02 0.92 1.00 5.41 158,087 0.79 5.14 0.93 1.00 4.71 79,311 0.77 4.62 0.93
See notes to financial highlights and notes to financial statements 41 FINANCIAL HIGHLIGHTS (continued) STI CLASSIC FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Period Ended May 31, For a Share Outstanding Throughout Each Period
Net Asset Net Net Realized and Dividends Value, Investment Unrealized from Beginning of Income Gains (Losses) Total From Net Investment Period (Loss) on Investments Operations Income ------------ ---------- ---------------- ---------- -------------- U.S. TREASURY MONEY MARKET FUND T Shares 2004* $1.00 --** -- --** --** 2004 1.00 --** -- --** --** 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.02 -- 0.02 (0.02) 2001 1.00 0.05 -- 0.05 (0.05) 2000 1.00 0.05 -- 0.05 (0.05) A Shares 2004* $1.00 --** -- --** --** 2004 1.00 --** -- --** --** VIRGINIA TAX-FREE MONEY MARKET FUND T Shares 2004* $1.00 --** -- --** --** 2004 1.00 0.01 -- 0.01 (0.01) 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.01 -- 0.01 (0.01) 2001 1.00 0.03 -- 0.03 (0.03) 2000 1.00 0.03 -- 0.03 (0.03) A Shares 2004* $1.00 --** -- --** --** 2004 1.00 --** -- --** --** 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.01 -- 0.01 (0.01) 2001 1.00 0.03 -- 0.03 (0.03) 2000 1.00 0.03 -- 0.03 (0.03) Distributions from Total Realized Dividends and Capital Gains Distributions ------------- ------------- U.S. TREASURY MONEY MARKET FUND T Shares -- --** --** --** --** (0.01) -- (0.02) -- (0.05) -- (0.05) A Shares -- --** --** --** VIRGINIA TAX-FREE MONEY MARKET FUND T Shares -- --** --** (0.01) --** (0.01) --** (0.01) -- (0.03) -- (0.03) A Shares -- --** --** --** --** (0.01) --** (0.01) -- (0.03) -- (0.03)
42
Ratio of Ratio of Expenses to Net Assets Net Assets, Ratio of Net Net Investment Average Net Assets Value, End Total End of Expenses to Income (Loss) to (Excluding Waivers of Period Return+ Period (000) Average Net Assets Average Net Assets and Reimbursements) - ---------- ------- ------------ ------------------ ------------------ -------------------- $1.00 0.43% $1,322,052 0.62% 0.85% 0.71% 1.00 0.37 1,233,565 0.66 0.32 0.75 1.00 0.88 1,080,779 0.65 0.81 0.74 1.00 1.96 871,946 0.65 1.90 0.74 1.00 5.36 733,768 0.66 5.23 0.76 1.00 4.81 723,277 0.63 4.71 0.74 $1.00 0.37% $ 302 0.75% 0.69% 1.81% 1.00 0.15 401 0.75 0.21 3.17++ $1.00 0.44% $ 191,590 0.46% 0.90% 0.46% 1.00 0.56 173,959 0.50 0.51 0.50 1.00 0.85 219,701 0.49 0.84 0.49 1.00 1.44 240,681 0.50 1.45 0.50 1.00 3.51 226,188 0.50 3.45 0.50 1.00 3.23 245,243 0.51 3.19 0.51 $1.00 0.35% $ 158,314 0.66% 0.71% 0.86% 1.00 0.38 118,339 0.67 0.34 0.90 1.00 0.67 96,325 0.67 0.66 0.90 1.00 1.27 99,141 0.67 1.22 0.90 1.00 3.35 93,004 0.66 3.28 0.91 1.00 3.07 62,878 0.67 3.17 0.73
See notes to financial highlights and notes to financial statements 43 NOTES TO FINANCIAL HIGHLIGHTS + Returns are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes the shareholders may pay on fund distributions or redemption of fund shares. ++ Ratio reflects the impact to the initial low level of average net assets associated with commencement of operations. (a) Commenced operations on November 12, 2003. All ratios for the period have been annualized. * For the six months ended November 30, 2004. All ratios for the period have been annualized. ** Amount represents less than $0.005 per share. Amounts designated as "--" are either $0 or have been rounded to $0. 44 NOTES TO FINANCIAL STATEMENTS STI CLASSIC FUNDS November 30, 2004 (Unaudited) 1. Organization The STI Classic Funds (the "Trust") was organized as a Massachusetts business trust under a Declaration of Trust dated January 15, 1992. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company offering 49 funds as of November 30, 2004. The financial statements presented herein are those of the Prime Quality Money Market Fund, the Tax-Exempt Money Market Fund, the U.S. Government Securities Money Market Fund, the U.S. Treasury Money Market Fund and the Virginia Tax-Free Money Market Fund (each a "Fund" and collectively the "Funds"). The Funds may offer the following share classes: T shares, A shares and L shares. The Trust is authorized to issue an unlimited number of shares without par value. Shareholders have no preemptive rights. The financial statements of the remaining funds are presented separately. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Funds' prospectus provides a description of the Funds' investment objectives, policies and strategies. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote. 2. Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The actual results could differ from these estimates. Security Valuation -- Investment securities are stated at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. Security Transactions and Investment Income -- Security transactions are accounted for no later than one business day after trade date. However, for financial reporting purposes, securities transactions are reported on trade date. Interest income is recognized on an accrual basis. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold, adjusted for the accretion or amortization of purchase discounts or premiums during the respective holding period. Repurchase Agreements -- In connection with transactions involving repurchase agreements, a third party custodian bank takes possession of the underlying securities ("collateral"), the value of which exceeds the principal amount of the repurchase transaction, including 45 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS November 30, 2004 accrued interest. In the event of default on the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. Expenses, Investment Income and Gain/Loss Allocation -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution fees, are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or other reasonable basis. Classes -- Investment income and non-class specific expenses are allocated based on total settled shares outstanding and realized/unrealized gains and losses are allocated to the respective classes on the basis of the relative daily net assets. Dividends and Distributions to Shareholders -- Dividends and distributions to shareholders, which are determined in accordance with Federal tax regulations, are recorded on the ex-dividend date. Dividends from net investment income of each of the Funds are declared daily and paid monthly. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Compensating Balances -- If a Fund has a cash overdraft in excess of $100,000 it is required to leave 110% in compensating balance with SunTrust Bank (the "Custodian"), the custodian for the Funds, on the following day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw 90% of the balance with the Custodian, a wholly-owned subsidiary of SunTrust Banks, Inc., on the following business day. 3. Agreements and Other Transactions with Affiliates Investment Advisory Agreement -- The Trust and Trusco Capital Management, Inc. (the "Investment Adviser"), a wholly owned subsidiary of SunTrust Banks, Inc., have entered into advisory agreements dated June 15, 1993, and last amended November 12, 2003. The Investment Adviser has voluntarily agreed to waive all or a portion of its fees (and to reimburse Fund expenses) in order to maintain the Fund's expense cap. Fee waivers and expense reimbursements are voluntary and may be terminated at any time. Under terms of the amended agreement, the Funds are charged the following annual fees based upon average daily net assets: 46 (Unaudited)
Maximum Annual Net Advisory Fees Fee Paid -------- ---- Prime Quality Money Market Fund..... 0.65% 0.54% Tax-Exempt Money Market Fund........ 0.55% 0.45% U.S. Government Securities Money Market Fund....................... 0.65% 0.55% U.S. Treasury Money Market Fund..... 0.65% 0.56% Virginia Tax-Free Money Market Fund.............................. 0.40% 0.40%
Effective October 5, 2004, Trusco Capital Management, Inc. began providing an employee to serve as Chief Compliance Officer for the Trust and provide certain related services, and will receive an additional fee for this service. Administration, Fund Accounting and Transfer Agent Agreement -- The Trust and BISYS Fund Services Ohio, Inc. (the "Administrator") are parties to a Master Services Agreement dated July 24, 2004 under which the Administrator provides administrative, fund accounting and transfer agent services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.0275% up to $25 billion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion. Prior to July 24, 2004, SEI Investments Global Funds Services ("SEI") was the Administrator and provided administrative services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.12% up to $1 billion, 0.09% on the next $4 billion, 0.07% on the next $3 billion, 0.065% on the next $2 billion and 0.06% for over $10 billion. SEI had voluntarily agreed to waive all or a portion of their fees and to reimburse Fund expenses. BISYS Fund Services Ohio, Inc. has agreed to pay a total of $325,000 per annum towards the insurance premiums payable annually by the Trust. $300,000 will be paid towards the premium for the Trust's Directors and Officers Liability/Errors and Omissions Insurance Policy, and $25,000 will be paid towards the premium for the Trust's Fidelity Bond. Distribution Agreement -- The Trust and BISYS Fund Services Limited Partnership (the "Distributor") are parties to a Distribution Agreement dated July 26, 2004. The Distributor will receive no fees for its distribution services under this agreement for the T Shares of any Fund. The Distributor has voluntarily agreed to waive all or a portion of its fees. Fee waivers are voluntary and may be terminated at any time. With respect to the A and L Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of L Shares) a Distribution and Service Plan, as outlined in the tables below.
Maximum A Share Net Distribution Fees Fee Paid ------------ ---- Prime Quality Money Market Fund.. 0.20% 0.19% Tax-Exempt Money Market Fund..... 0.15% 0.14% U.S. Government Securities Money Market Fund.................... 0.17% 0.16% U.S. Treasury Money Market Fund.. 0.15% 0.15% Virginia Tax-Free Money Market Fund........................... 0.40% 0.19%
Maximum L Share Distribution Net and Service Fees Fee Paid ------------ ---- Prime Quality Money Market Fund..... 0.75% 0.20%
Prior to July 26, 2004, SEI Investments Distribution Co. served as the distributor. SEI 47 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS November 30, 2004 Investments Distribution Co. had voluntarily agreed to waive all or a portion of its fees and to reimburse fund expenses. Transfer Agency Agreements -- The Trust and SunTrust Securities Inc. ("STS"), a wholly-owned subsidiary of SunTrust Banks, Inc., are parties to an agreement under which STS provides certain transfer agency account activity processing and servicing. The transfer agency service fees are based upon a monthly per account charge for the total shareholder accounts at the Trust's transfer agent. These fees are presented on the Statement of Operations as Transfer Agent Fees. Custodian Agreement -- SunTrust Bank acts as custodian for all of the Funds. Custodians are paid on the basis of net assets and transaction costs of the Funds. The custodians play no role in determining the investment policies of the Trust or which securities are to be purchased or sold in the Funds. Other -- Certain officers of the Trust are also officers of the Adviser, Administrator and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers of the Trust. The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc. which is a direct non-bank subsidiary of SunTrust Banks, Inc. to act as an agent in placing repurchase agreements for the Trust. For the six months ended November 30, 2004, the following Funds paid SunTrust Robinson Humphrey through a reduction in the yield earned by the Funds on those repurchase agreements (000):
Fees ---- Prime Quality Money Market Fund................ $32 U.S. Government Securities Money Market Fund... 39 U.S. Treasury Money Market Fund................ 247
4. Federal Tax Policies and Information It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. As of the latest tax year end of May 31, 2004, none of the Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations. To the extent that these carryovers would be used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders. Cost and gross unrealized appreciation/(depreciation) as of November 30, 2004 on a tax basis are as follows (amounts in thousands):
Net Unrealized Unrealized Unrealized Appreciation/ Fund Cost Appreciation Depreciation (Depreciation) - ---- --------- ------------ ------------ -------------- Prime Quality Money Market Fund............. 5,082,317 -- (46) (46) Tax-Exempt Money Market Fund.................... 1,380,954 -- -- -- U.S. Government Securities Money Market Fund.................... 904,629 -- -- -- U.S. Treasury Money Market Fund............. 1,324,279 -- (33) (33) Virginia Tax-Free Money Market Fund............. 358,787 -- -- --
48 (Unaudited) 5. Capital Share Transactions Capital Share transactions for the Funds were as follows (000):
U.S. Government Prime Quality Tax-Exempt Securities Money Market Money Market Money Market Fund Fund Fund ------------------------- ----------------------- ----------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 ----------- ----------- --------- ----------- --------- ----------- Capital Transactions T Shares Proceeds from shares issued.................... $ 1,775,166 $ 3,517,343 $ 565,859 $ 1,424,246 $ 662,692 $ 1,110,958 Dividends reinvested........ 1,339 1,743 -- -- 307 406 Cost of shares redeemed..... (2,052,597) 4,326,125 (473,842) 1,534,286 (595,735) 1,488,621 ----------- ----------- --------- ----------- --------- ----------- Increase (Decrease) in Net Assets from T Shares Transactions................ $ (276,092) $ (807,039) $ 92,017 $ (110,040) $ 67,264 $ (377,257) ----------- ----------- --------- ----------- --------- ----------- A Shares (1) Proceeds from shares issued.................... $ 661,853 $ 1,045,548 $ 284,881 $ 361,662 $ 159,874 $ 352,303 Dividends reinvested........ 6,300 6,441 882 937 744 659 Cost of shares redeemed..... (647,808) 1,126,059 (247,857) 327,551 (172,968) 369,114 ----------- ----------- --------- ----------- --------- ----------- Increase (Decrease) in Net Assets from A Shares Transactions................ $ 20,345 $ (74,070) $ 37,906 $ 35,048 $ (12,350) $ (16,152) ----------- ----------- --------- ----------- --------- ----------- L Shares Proceeds from shares issued.................... $ 5,791 $ 56,986 Dividends reinvested........ 43 43 Cost of shares redeemed..... (17,259) 46,221 ----------- ----------- --------- ----------- --------- ----------- Increase (Decrease) in Net Assets from L Shares Transactions................ $ (11,425) $ 10,808 ----------- ----------- --------- ----------- --------- ----------- Total Net Increase (Decrease) from Capital Transactions... $ (267,172) $ (870,301) $ 129,923 $ (74,992) $ 54,914 $ (393,409) =========== =========== ========= =========== ========= =========== Virginia U.S. Treasury Tax-Free Money Market Money Market Fund Fund ----------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 --------- ----------- --------- --------- Capital Transactions T Shares Proceeds from shares issued.................... $ 646,377 $ 1,849,253 $ 146,584 $ 263,166 Dividends reinvested........ 42 53 74 129 Cost of shares redeemed..... (557,505) 1,696,555 (129,076) 309,014 --------- ----------- --------- --------- Increase (Decrease) in Net Assets from T Shares Transactions................ $ 88,914 $ 152,751 $ 17,582 $ (45,719) --------- ----------- --------- --------- A Shares (1) Proceeds from shares issued.................... $ 3 $ 400 $ 112,117 $ 133,175 Dividends reinvested........ 1 1 348 421 Cost of shares redeemed..... (103) -- (72,516) 111,568 --------- ----------- --------- --------- Increase (Decrease) in Net Assets from A Shares Transactions................ $ (99) $ 401 $ 39,949 $ 22,028 --------- ----------- --------- --------- L Shares Proceeds from shares issued.................... Dividends reinvested........ Cost of shares redeemed..... --------- ----------- --------- --------- Increase (Decrease) in Net Assets from L Shares Transactions................ --------- ----------- --------- --------- Total Net Increase (Decrease) from Capital Transactions... $ 88,815 $ 153,152 $ 57,531 $ (23,691) ========= =========== ========= =========
49 NOTES TO FINANCIAL STATEMENTS (concluded) STI CLASSIC FUNDS November 30, 2004
U.S. Government Prime Quality Tax-Exempt Securities Money Market Money Market Money Market Fund Fund Fund ------------------------- ----------------------- ----------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 ----------- ----------- --------- ----------- --------- ----------- Share Transactions: T Shares Issued...................... 1,775,165 3,517,343 565,859 1,424,246 662,692 1,110,958 Reinvested.................. 1,339 1,743 -- -- 307 406 Redeemed.................... (2,052,597) (4,326,125) (473,843) (1,534,286) (595,735) (1,488,621) ----------- ----------- --------- ----------- --------- ----------- Increase (Decrease) in Net Assets from T Shares Transactions................ (276,093) (807,039) 92,016 (110,040) 67,264 (377,257) ----------- ----------- --------- ----------- --------- ----------- A Shares Issued...................... 661,853 1,045,548 284,881 361,662 159,874 352,303 Reinvested.................. 6,300 6,441 882 937 744 659 Redeemed.................... (647,808) (1,126,059) (247,857) (327,551) (172,968) (369,114) ----------- ----------- --------- ----------- --------- ----------- Increase (Decrease) in Net Assets from A Shares Transactions................ 20,345 (74,070) 37,906 35,048 (12,350) (16,152) ----------- ----------- --------- ----------- --------- ----------- L Shares Issued...................... 5,791 56,986 Reinvested.................. 43 43 Redeemed.................... (17,259) (46,221) ----------- ----------- --------- ----------- --------- ----------- Increase (Decrease) in Net Assets from L Shares Transactions................ (11,425) 10,808 ----------- ----------- --------- ----------- --------- ----------- Total Net Increase (Decrease) from Share Transactions..... (267,173) (870,301) 129,922 (74,992) 54,914 (393,409) =========== =========== ========= =========== ========= =========== Virginia U.S. Treasury Tax-Free Money Market Money Market Fund Fund ----------------------- --------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 --------- ----------- --------- --------- Share Transactions: T Shares Issued...................... 646,378 1,849,253 146,583 263,166 Reinvested.................. 42 53 74 129 Redeemed.................... (557,505) (1,696,555) (129,076) (309,014) --------- ----------- --------- --------- Increase (Decrease) in Net Assets from T Shares Transactions................ 88,915 152,751 17,581 (45,719) --------- ----------- --------- --------- A Shares Issued...................... 3 400 112,116 133,175 Reinvested.................. 1 1 348 421 Redeemed.................... (103) -- (72,516) (111,568) --------- ----------- --------- --------- Increase (Decrease) in Net Assets from A Shares Transactions................ (99) 401 39,948 22,028 --------- ----------- --------- --------- L Shares Issued...................... Reinvested.................. Redeemed.................... --------- ----------- --------- --------- Increase (Decrease) in Net Assets from L Shares Transactions................ --------- ----------- --------- --------- Total Net Increase (Decrease) from Share Transactions..... 88,816 153,152 57,529 (23,691) ========= =========== ========= =========
(1) U.S. Treasury Money Market A Shares commenced operations on November 12, 2003. Amounts designated as "--" are $0 or have been rounded to $0. 6. Concentrations/Risks The Funds invest primarily in money market instruments maturing in 397 days or less whose ratings are within one of the two highest ratings categories assigned by a nationally recognized statistical rating agency, or, if not rated, are believed to be of comparable quality. The ability of the issuers of the securities held by the Funds to meet their obligations may be affected by economic developments in a specific industry, state or region. The Virginia Tax-Free Money Market Fund concentrates its investments in securities of issuers located in a specific region, subjecting the Fund to the economic and government policies of that region. Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions or financial guaranty assurance agencies' credit quality should deteriorate, it could cause the individual security's credit quality to change. Additionally, if any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases. 50 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (UNAUDITED) - -------------------------------------------------------------------------------- Information pertaining to the trustees of the Trust is set forth below. Trustees who are not deemed to be "interested persons" of the Trust as defined in the 1940 Act are referred to as "Independent Board Member." Trustees who are deemed to be "interested persons" of the Trust are referred to as "Interested Board Member." Messrs. Courts and Ridley are Trustees who may be deemed to be "interested persons" of the Trust. - --------------------------------------------------------------------------------
TERM OF PRINCIPAL NUMBER OF OTHER POSITION(S) OFFICE AND OCCUPATION(S) PORTFOLIOS DIRECTORSHIPS NAME, ADDRESS, AND HELD WITH LENGTH OF DURING THE OVERSEEN FOR HELD BY BOARD DATE OF BIRTH THE GROUP TIME SERVED PAST 5 YEARS THE TRUST MEMBER - ------------------------------------------------------------------------------------------------------------------------------- INTERESTED BOARD MEMBERS* - -------------- Richard W. Courts, II Trustee November, 2001 Chairman of the Board, 49 Director, Cousins 3435 Stelzer Road Atlantic Investment Properties, Inc.; Director, Columbus, OH 43219 Company, 1970 to present. Piedmont Hospital; Director, 01/18/36 SunTrust Bank, Atlanta; Chairman, Courts Foundation; Chairman, J. Bulow Campbell Foundation. Current Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- Clarence H. Ridley Trustee November, 2001 Chairman of the Board; 49 Director, Crawford & Co.; 3435 Stelzer Road Haverty Furniture Director, Pike's Family Columbus, OH 43219 Companies, 2001 to present; Nurseries, Inc.; Trustee, 06/03/42 Partner, King and Spaulding St. Joseph's Health System, LLP (law firm), 1971 to Inc.; Director, High Museum 2000. of Atlanta. Current Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- INDEPENDENT BOARD MEMBERS - ------------- Thomas Gallagher Trustee May, 2000 President, Genuine Parts 49 Director, Shepard Center; 3435 Stelzer Road Company Wholesale Director, NAPA; Director, Columbus, OH 43219 Distribution, 1970 to Genuine Parts Co.; Director, 11/25/47 present. Stone Mountain Industrial Park; Trustee, The Lovett School; Director, Oxford Industries. Current Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- F. Wendell Gooch Trustee May, 1992 Retired. 49 Current Trustee of STI 3435 Stelzer Road Classic Variable, The Columbus, OH 43219 Capitol Mutual Funds and SEI 12/03/32 Family of Funds. - ------------------------------------------------------------------------------------------------------------------------------- James O. Robbins Trustee May, 2000 President and Chief 49 Director, National Cable and 3435 Stelzer Road Executive Officer, Cox Telecommunications Columbus, OH 43219 Communications, Inc., 1985 Association; Director, Cable 07/04/42 to present. Labs; Director, C-SPAN; Trustee, St. Paul's Schools; Director, Cox Communications. Current Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- Jonathan T. Walton Trustee February, 1998 Retired. 49 Current Trustee of STI 3435 Stelzer Road Classic Variable Trust and Columbus, OH 43219 W.K. Kellogg Trust. 03/28/30 - -------------------------------------------------------------------------------------------------------------------------------
51 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (UNAUDITED) - --------------------------------------------------------------------------------
TERM OF PRINCIPAL NUMBER OF OTHER POSITION(S) OFFICE AND OCCUPATION(S) PORTFOLIOS DIRECTORSHIPS NAME, ADDRESS, AND HELD WITH LENGTH OF DURING THE OVERSEEN FOR HELD BY BOARD DATE OF BIRTH THE GROUP TIME SERVED PAST 5 YEARS THE TRUST MEMBER - ------------------------------------------------------------------------------------------------------------------------------- Sidney E. Harris Trustee November, 2004 Dean of Robinson College of 49 Director, ServiceMaster; 3435 Stelzer Road Business, Georgia State Director, Total System Columbus, OH 43219 University. Services, Inc. Current 07/21/49 Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- Warren Y. Jobe Trustee November, 2004 Retired. 49 Director, WellPoint Health 3435 Stelzer Road Networks; Director, Columbus, OH 43219 UniSource Energy Corp.; 11/12/40 Director, Tucson Electric Power. Current Trustee of STI Classic Variable Trust. - ------------------------------------------------------------------------------------------------------------------------------- Charles D. Winslow Trustee November, 2004 Retired. 49 Current Trustee of STI 3435 Stelzer Road Classic Variable Trust. Columbus, OH 43219 07/13/35 - -------------------------------------------------------------------------------------------------------------------------------
* Mr. Courts may be deemed an interested Trustee because of his directorships with affiliates of the Adviser. Mr. Ridley may be deemed an interested Trustee because of a material business relationship with the parent of the Adviser. 52 - --------------------------------------------------------------------------------
TERM OF PRINCIPAL POSITION(S) OFFICE AND OCCUPATION(S) NAME, ADDRESS, AND HELD WITH LENGTH OF DURING THE DATE OF BIRTH THE GROUP TIME SERVED PAST 5 YEARS - --------------------------------------------------------------------------------------------------------------------------- OFFICERS - -------- R. Jeffrey Young President Since 2004 Senior Vice President, Relationship Management, 3435 Stelzer Road BISYS Fund Services since April 2002. Vice Columbus, OH 43219 President, Client Services, BISYS Fund Services from 08/22/64 May 1997 to April 2002. - --------------------------------------------------------------------------------------------------------------------------- Bryan C. Haft Treasurer and CFO Since 2004 Vice President, Financial Administration, BISYS Fund 3435 Stelzer Road Services since July 2000. Director, Administration Columbus, OH 43219 Services, BISYS Fund Services from May 1998 to July 01/23/65 2000. - --------------------------------------------------------------------------------------------------------------------------- Deborah A. Lamb Executive Vice President, Since 2003 Chief Compliance Officer and Managing Director of 3435 Stelzer Road Assistant Secretary and CCO Trusco Capital Management, Inc. since March 2003 and Columbus, OH 43219 President of Investment Industry Consultants, LLC 10/02/52 since June 2000. Director of Compliance at INVESCO, Inc. from March 1995 to June 2000. - --------------------------------------------------------------------------------------------------------------------------- Alaina V. Metz Assistant Secretary Since 2004 Vice President, Blue Sky Compliance, BISYS Fund 3435 Stelzer Road Services since January 2002. Chief Administrative Columbus, OH 43219 Officer, Blue Sky Compliance, BISYS Fund Services 04/07/67 from June 1995 to January 2002. - --------------------------------------------------------------------------------------------------------------------------- Julie M. Powers Assistant Secretary Since 2004 Senior Paralegal, Legal Services, BISYS Fund 3435 Stelzer Road Services since June 2000. Paralegal of Phillips, Columbus, OH 43219 Lytle, Hitchcock, Blaine & Huber LLP from March 1998 10/08/69 to June 2000. - ---------------------------------------------------------------------------------------------------------------------------
53 EXPENSE EXAMPLES (UNAUDITED) - -------------------------------------------------------------------------------- As a shareholder of the STI Classic Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; redemption fees; and exchange fees; (2) ongoing costs, including management fees; distribution [and/or service] 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the STI Classic Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2004 through November 30, 2004. Actual Expenses The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** 06/01/04 11/30/04 06/01/04-11/30/04 06/01/04-11/30/04 ------------- ------------- ----------------- ----------------- Prime Quality Money Market Fund............... T Shares $1,000.00 $1,005.10 $3.02 0.60% A Shares 1,000.00 1,004.10 4.02 0.80% L Shares 1,000.00 1,003.90 4.27 0.85% Tax-Exempt Money Market Fund.................. T Shares 1,000.00 1,004.30 2.56 0.51% A Shares 1,000.00 1,003.60 3.26 0.65% U.S. Government Securities Money Market Fund........................................ T Shares 1,000.00 1,004.70 3.12 0.62% A Shares 1,000.00 1,003.80 3.92 0.78% U.S. Treasury Money Market Fund............... T Shares 1,000.00 1,004.30 3.12 0.62% A Shares 1,000.00 1,003.70 3.77 0.75% Virginia Tax-Free Money Market Fund........... T Shares 1,000.00 1,004.40 2.31 0.46% A Shares 1,000.00 1,003.50 3.31 0.66%
* Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. 54 - -------------------------------------------------------------------------------- Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on each STI Classic Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period During Period** 06/01/04 11/30/04 06/01/04-11/30/04 06/01/04-11/30/04 ------------- ------------- ----------------- ----------------- Prime Quality Money Market Fund............. T Shares $1,000.00 $1,022.06 $3.04 0.60% A Shares 1,000.00 1,021.06 4.05 0.80% L Shares 1,000.00 1,020.81 4.31 0.85% Tax-Exempt Money Market Fund................ T Shares 1,000.00 1,022.51 2.59 0.51% A Shares 1,000.00 1,021.81 3.29 0.65% U.S. Government Securities Money Market Fund...................................... T Shares 1,000.00 1,021.96 3.14 0.62% A Shares 1,000.00 1,021.16 3.95 0.78% U.S. Treasury Money Market Fund............. T Shares 1,000.00 1,021.96 3.14 0.62% A Shares 1,000.00 1,021.31 3.80 0.75% Virginia Tax-Free Money Market Fund......... T Shares 1,000.00 1,022.76 2.33 0.46% A Shares 1,000.00 1,021.76 3.35 0.66%
* Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. 55 - -------------------------------------------------------------------------------- Proxy Voting Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and how the Funds voted proxies relating to portfolio securities during the period ended November 30, 2004 is available (1) without charge, upon request, by calling 1-800-428-6970, and (2) on the Securities and Exchange Commission's website at www.sec.gov. Other Information Schedules of Portfolio Investments for periods ending August 31, 2004 is available and February 28, 2005 will be available, without charge, on the Securities and Exchange Commission's website at www.sec.gov. 56 INVESTMENT ADVISER: Trusco Capital Management, Inc. STI Classic Funds are not deposits, are not insured or guaranteed by the FDIC or any other government agency, and are not endorsed by and do not constitute obligations of SunTrust Banks, Inc. or any other of its affiliates. Investment in the Funds involves risk, including the possible loss of principal. There is no guarantee that any STI Classic Fund will achieve its investment objective. The STI Classic Funds are advised by Trusco Capital Management, Inc., an affiliate of SunTrust Banks, Inc. DISTRIBUTOR: BISYS Fund Services LP This information must be preceded or accompanied by a current prospectus for each Fund described. STI-SA-003 1/05 SEMI-ANNUAL - -------------------------------------------------------------------------------- FINANCIAL REPORT - -------------------------------------------------------------------------------- STI CLASSIC FUNDS - -------------------------------------------------------------------------------- A FAMILY OF MUTUAL FUNDS - -------------------------------------------------------------------------------- Bond Funds Classic Institutional High Quality Bond Fund Classic Institutional Short Term Bond Fund Classic Institutional Super Short Income Plus Fund Classic Institutional Total Return Bond Fund Classic Institutional U.S. Government Securities Super Short Income Plus Fund Money Market Funds Classic Institutional Cash Management Money Market Fund Classic Institutional U.S. Government Securities Money Market Fund Classic Institutional U.S. Treasury Securities Money Market Fund November 30, 2004 [STI CLASSIC LOGO] Dear Valued STI Classic Funds Shareholder, While patience is rarely enjoyable, it is often called a virtue and with good reason. We stressed patience with the stock market in 2004, primarily because the economy was transitioning from a stimulus led period of growth (low mortgage rates and tax cuts) to a more sustainable phase characterized by improved job growth, rising personal income, and continued capital spending. These are key factors that drive sales and investment. A more succinct way of expressing our view for 2004 is "don't bet against the cycle." While the stock markets bounced around inside a trading range for most of the year, our patience was rewarded in the fourth quarter. The S&P 500 Index rose 9.2% including dividends during the final three months and finished the year with a total return of 10.9%. Bonds also faired reasonably well in the final quarter and finished 2004 with a fifth consecutive annual gain. The Lehman Brothers Aggregate Bond Index rose 1.0% during the last three months and gained 4.3% for the year. The New Year appears likely to be favorable for the economy and the markets as well, but cross-currents will be significant. I want to take this opportunity to share our views on the year just ended, and outline our thoughts about factors likely to shape 2005. After the S&P 500 rebounded 28.7% in 2003, many investors were anxious for signs confirming improving economic momentum in 2004. Early in the year, there was evidence that the economy was indeed picking up steam and achieving sustainability, and stocks advanced in the first quarter amid signs of strength. However, equities struggled in the spring and summer as job growth slowed and confidence sagged. The Federal Reserve, conversely, became more confident in the health of the economy and began raising the overnight Fed Funds rate on June 30 in an effort to remove "excess monetary accommodation." An additional development was the sharp rise in oil prices, though "headline" inflation rose only moderately. These were new headwinds that threatened the pace of growth and increased the risk of inflation; both negatives for stocks. The S&P 500 was nearly unchanged at the end of the third quarter, while longer-term yields actually declined. In the fourth quarter, a resumption of stronger job growth, a drop in oil prices, and an end to a vituperative presidential campaign cleared the way for an equity rebound. The S&P 500 rose 9.2% including dividends during the quarter, and all sectors improved, led primarily by pro-cyclical technology, consumer discretionary, and industrial stocks. For all of 2004, energy led all sectors due to the sharp spike in oil prices. Utility and telecom stocks, while a small percentage of the index, performed well, and industrials, materials, and consumer discretionary stocks had above-average performance. Generally, the year was good for the value style of investing. Stocks with the lowest earnings growth outperformed stocks with high earnings growth, and companies with higher dividends tended to outperform those with low dividends. Also, stocks with smaller market capitalizations as well as international equities tended to outperform the S&P 500 in 2004. The Russell 2000 small-cap index returned 18.3%, and the MSCI EAFE Index gained 20.7%. In the fixed-income market, the pro-cyclical improvement in the economy benefited credit and high yield securities. 1 Our outlook for the economy in 2005 remains positive led by additional business investment and employment gains. However, the pace of growth is expected to slow closer to the longer-term average of 3.0%. Top line inflation may dip due to a decline in oil prices, but core inflation is likely to move moderately higher. The dollar is expected to remain under downward pressure. In this environment, we expect the Federal Reserve to continue with a series of rate hikes with a near-term goal of achieving interest rate "neutrality." Longer term yields are also likely to rise, but not dramatically. Corporate earnings growth has begun to moderate, and we project a slowing in S&P 500 operating profits growth for all of 2005 near the long-term average of 7%. History has shown that equity prices can still move higher when corporate earnings growth slows from high rates. We believe that companies with stronger financial quality (high cash flow, top line sales growth, low debt) should outperform in this climate, which may support a shift toward stocks with consistent earnings growth as well as the Growth style. We will continue to be very price sensitive in the entry and exit strategies for individual stocks. We still like stocks relative to bonds, given the current low absolute level of bond yields, the expected continuation of Fed tightening, the risk of higher inflation, and the downward pressure on the dollar. However, the upward path for equities could be bumpy over the near-term following the post-election rally and the increased valuation levels, especially if long-term yields move significantly higher. We favor a relative overweight position in large-caps over small-caps in fully diversified portfolios, and international equities over the S&P 500. In fixed-income portfolios, we believe yields should generally trend higher, and most of the movement will be in short-term rates causing the yield curve to flatten further from the current level. We recommend a neutral relative duration with a modest barbell maturity structure, and an overweight position in securities designed to perform well in rising inflation environments such as Treasury inflation-indexed securities (TIPS). However, following a significant narrowing of credit spreads, we moved to an underweight position in corporate bonds and will shift to an underweight in mortgages. Patience was required and rewarded in 2004. While we are generally optimistic on the future trend in the equity markets, the cross-currents in the global economy suggest that another dose of patience may be needed to reach longer-term investment goals. I appreciate the confidence you have placed in Trusco in managing your assets, and we value your relationship. Sincerely, Douglas Phillips Douglas Phillips Chairman Trusco Capital Managemen 2 PORTFOLIO INVESTMENTS - -------------------------------------------------------------------------------- STI CLASSIC FUNDS November 30, 2004 Percentages are based on market value CLASSIC INSTITUTIONAL HIGH QUALITY BOND FUND Corporate Bonds 15.7% U.S. Government Agencies 0.3% U.S. Treasury Obligations 74.4% Repurchase Agreements 9.6% CLASSIC INSTITUTIONAL SHORT-TERM BOND FUND Corporate Bonds 45.1% Foreign Government Bonds 0.7% U.S. Government Agencies 35.4% U.S. Treasury Obligations 14.7% Yankee Dollar 0.5% Short-Term Investments 2.9% Money Market Funds 0.7% CLASSIC INSTITUTIONAL SUPER SHORT INCOME PLUS FUND Asset Backed Securities 4.6% Commercial Papers 9.9% Corporate Bonds 44.4% Master Notes 1.7% Mortgage Related 4.7% Municipal Bonds 2.0% U.S. Government Agencies 27.4% U.S. Treasury Obligations 3.5% Repurchase Agreements 1.7% Money Market Funds 0.1% CLASSIC INSTITUTIONAL TOTAL RETURN BOND FUND Corporate Bond 24.4% Foreign Government Bonds 0.5% U.S. Government Agencies 25.1% U.S. Treasury Obligations 30.9% Yankee Dollar 0.6% Repurchase Agreements 18.5% CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES SUPER SHORT INCOME PLUS FUND Asset Backed Securities 6.3% Corporate Bonds 2.1% Municipal Bonds 2.1% U.S. Government Agencies 80.1% U.S. Treasury Obligations 4.1% Repurchase Agreements 5.1% Money Market Funds 0.2% CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND Certificates of Deposit 2.5% Commercial Papers 9.7% Corporate Bonds 11.4% Demand Notes 13.6% Master Notes 4.8% Municipal Bonds 18.2% U.S. Government Agencies 34.3% Repurchase Agreements 5.5% CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES MONEY MARKET FUND U.S. Government Agencies 80.4% Repurchase Agreements 19.6% CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND U.S. Treasury Obligations 10.2% Repurchase Agreements 89.8%
Portfolio composition is subject to change. 3 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL HIGH QUALITY BOND FUND
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- CORPORATE BONDS (17.2%) AUTO MANUFACTURERS (0.3%) American Honda Finance, 3.850%, 11/06/08 (d) $ 265 $ 263 DaimlerChrysler NA Hldg. Corp., 7.300%, 01/15/12 270 304 -------- 567 -------- BANKS (1.4%) Bank of America Corp., 7.400%, 01/15/11 1,630 1,882 Bank One Corp., 7.625%, 08/01/05 580 599 -------- 2,481 -------- BIOTECHNOLOGY (0.3%) Amgen, Inc., 4.000%, 11/18/09 575 570 -------- DIVERSIFIED FINANCIAL SERVICES (8.6%) American Express Co., 3.750%, 11/20/07 1,000 1,001 Caterpillar Financial Services Corp., 4.500%, 06/15/09 765 778 CIT Group, Inc., 5.750%, 09/25/07 995 1,046 CIT Group, Inc., 5.500%, 11/30/07 185 193 CIT Group, Inc., 5.125%, 09/30/14 155 153 Citigroup, Inc., 5.125%, 05/05/14 1,205 1,219 Ford Motor Credit Co., 7.000%, 10/01/13 1,040 1,085 Goldman Sachs Group, Inc., 3.875%, 01/15/09 260 258 Goldman Sachs Group, Inc., 4.750%, 07/15/13 1,965 1,920 Household Finance Corp., 6.375%, 11/27/12 1,645 1,806
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED International Lease Finance Corp., 5.625%, 06/01/07 $ 180 $ 188 International Lease Finance Corp., 5.875%, 05/01/13 1,440 1,513 J.P. Morgan Chase & Co., 6.625%, 03/15/12 1,490 1,657 Merrill Lynch & Co., Inc., MTN, 3.700%, 04/21/08 170 169 Merrill Lynch & Co., Inc., MTN, 5.000%, 01/15/15 335 330 Morgan Stanley, 5.300%, 03/01/13 1,355 1,382 -------- 14,698 -------- ELECTRIC (0.3%) Consolidated Edison Co. of New York, Inc., 4.700%, 06/15/09 410 419 Florida Power & Light, Co., 6.875%, 12/01/05 100 104 -------- 523 -------- INSURANCE (1.0%) Berkshire Hathaway Financial, Inc., 3.375%, 10/15/08 750 739 MetLife, Inc., 5.250%, 12/01/06 405 418 Prudential Financial, Inc., MTN, 3.750%, 05/01/08 250 247 Prudential Financial, Inc., MTN, 5.100%, 09/20/14 270 267 -------- 1,671 -------- INVESTMENT COMPANIES (0.3%) Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 475 527 -------- MISCELLANEOUS MANUFACTURER (1.9%) General Electric Co., 5.000%, 02/01/13 3,215 3,263 --------
4 (Unaudited)
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- OIL & GAS (0.8%) BP Capital Markets PLC, 4.000%, 04/29/05 $ 515 $ 518 ConocoPhillips, 6.375%, 03/30/09 185 202 ConocoPhillips, 8.750%, 05/25/10 470 572 -------- 1,292 -------- RETAIL (0.5%) Wal-Mart Stores, Inc., 4.550%, 05/01/13 820 817 -------- SAVINGS & LOANS (0.2%) Golden West Financial Corp., 4.125%, 08/15/07 340 345 -------- SOFTWARE (0.6%) First Data Corp., 4.700%, 11/01/06 1,020 1,048 -------- TELECOMMUNICATIONS (1.0%) SBC Communications, Inc., 5.625%, 06/15/16 455 463 Verizon Global Funding Corp., 7.250%, 12/01/10 1,160 1,325 -------- 1,788 -------- Total Corporate Bonds (Cost $29,451) 29,590 -------- U.S. GOVERNMENT AGENCIES (0.3%) FANNIE MAE (0.3%) 5.725%, 03/01/12 234 249 6.260%, 05/01/12 313 341 -------- Total U.S. Government Agencies (Cost $591) 590 --------
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- U.S. TREASURY OBLIGATIONS (81.8%) U.S. TREASURY NOTES (81.8%) 1.625%, 03/31/05 $ 1,500 $ 1,497 1.625%, 04/30/05 15,955 15,909 1.250%, 05/31/05 9,125 9,075 3.500%, 11/15/06 45,465 45,892 3.125%, 05/15/07 36,655 36,638 3.875%, 02/15/13 14,840 14,488 1.875%, 07/15/13 15,915 16,810 -------- Total U.S. Treasury Obligations (Cost $140,020) 140,309 -------- REPURCHASE AGREEMENTS (10.6%) Merrill Lynch, 1.995%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $18,239,619 (collateralized by GNMA obligations; total market value $18,605,127) 18,239 18,239 -------- Total Repurchase Agreements (Cost $18,239) 18,239 -------- Total Investments (Cost $188,301) (a) -- 109.9% 188,728 Liabilities in excess of other assets -- (9.9)% (16,987) -------- Net Assets -- 100.0% $171,741 ========
See notes to schedules of portfolio investments and notes to financial statements. 5 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL SHORT-TERM BOND FUND
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- CORPORATE BONDS (46.2%) AUTO MANUFACTURERS (3.4%) Daimler Chrysler Auto Trust, Ser 2004-A, Class A2, 1.410%, 11/08/06 $ 517 $ 515 Daimler Chrysler National Holdings, 6.400%, 05/15/06 163 170 USAA Auto Owner Trust, Ser 2004-1, Class A3, 2.060%, 04/15/08 450 444 ------- 1,129 ------- AUTOMOBILE ABS (5.2%) Capital Auto Receivables Asset Trust, 3.580%, 10/16/06 350 352 Capital Auto Receivables Asset Trust, 2.640%, 03/17/08 500 498 Ford Credit Auto Owner Trust, 2.130%, 10/15/06 425 424 Honda Auto Receivables Owner Trust, 3.610%, 12/18/07 500 502 ------- 1,776 ------- BANKS (1.1%) Bank of America Corp., 5.250%, 02/01/07 355 368 ------- BEVERAGES (0.5%) Coca-Cola Enterprises, 5.250%, 05/15/07 165 172 ------- BUILDING MATERIALS (0.5%) Masco Corp., 6.750%, 03/15/06 160 167 -------
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- CREDIT CARD ABS (4.3%) Bank One Issuance Trust, 2.940%, 06/16/08 $ 500 $ 500 Citibank Credit Card Issuance Trust, 4.100%, 12/07/06 300 300 Citibank Credit Card Issuance Trust, 2.550%, 01/20/09 350 344 MBNA Credit Card Master Note Trust, 3.650%, 03/15/11 300 298 ------- 1,442 ------- DIVERSIFIED FINANCIAL SERVICES (17.8%) Bear Stearns & Co., Inc., 5.700%, 01/15/07 275 287 Boeing Capital Corp., 5.650%, 05/15/06 72 74 Capital One Financial Corp., 7.250%, 05/01/06 150 158 Citigroup, Inc., 4.125%, 02/21/06 425 429 Citigroup, Inc., 5.000%, 03/06/07 475 491 Countrywide Home Loan, Inc., Ser MTN, 5.500%, 08/01/06 350 362 Credit Suisse First Boston USA, Inc., 5.875%, 08/01/06 325 338 Ford Motor Credit Co., 6.875%, 02/01/06 240 248 Ford Motor Credit Co., 6.500%, 01/25/07 130 135 General Electric Capital Corp., 5.000%, 06/15/07 225 233 General Motors Acceptance Corp., 6.125%, 08/28/07 225 232 Goldman Sachs Group, Inc. (The), 7.625%, 08/17/05 315 326
6 (Unaudited)
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Household Finance Corp., 5.750%, 01/30/07 $ 280 $ 293 International Lease Finance Corp., 3.500%, 04/01/09 125 121 JP Morgan Chase & Co., 5.250%, 05/30/07 345 359 KFW International Finance, Inc., 4.750%, 01/24/07 335 346 Lehman Brothers Holdings, Inc., 6.250%, 05/15/06 295 307 Merrill Lynch & Co., Inc., Ser B, 3.375%, 09/14/07 180 179 Morgan Stanley, 5.800%, 04/01/07 235 247 National Rural Utilities Cooperative Finance Corp., 3.000%, 02/15/06 425 424 Wachovia Corp., 6.800%, 06/01/05 425 433 ------- 6,022 ------- ELECTRIC (1.5%) Alabama Power Co., Ser X, 3.125%, 05/01/08 50 49 American Electric Power Co., Inc., Ser A, 6.125%, 05/15/06 85 88 Dominion Resources, Inc., Ser B, 7.625%, 07/15/05 175 180 PacifiCorp., 6.750%, 04/01/05 100 101 PG&E Corp., 2.720%, 04/03/06 86 86 ------- 504 -------
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- FOOD (0.8%) Conagra Foods, Inc., 7.500%, 09/15/05 $ 90 $ 93 Safeway, Inc., 6.150%, 03/01/06 160 165 ------- 258 ------- FOREST PRODUCTS & PAPER (0.3%) Weyerhaeuser Co., 6.125%, 03/15/07 95 100 ------- INSURANCE (1.5%) Allstate Corp., 7.875%, 05/01/05 320 327 Metlife, Inc., 3.911%, 05/15/05 115 116 Safeco Corp., 4.200%, 02/01/08 65 65 ------- 508 ------- MEDIA (1.9%) AOL Time Warner, Inc., 6.150%, 05/01/07 140 148 Comcast Cable Communications, 8.375%, 05/01/07 145 160 Univision Communications, Inc., 2.875%, 10/15/06 85 84 Viacom, Inc., 7.750%, 06/01/05 250 257 ------- 649 ------- OIL & GAS (1.0%) Anadarko Petroleum Corp., 3.250%, 05/01/08 165 162 Kerr-McGee Corp., 5.875%, 09/15/06 160 166 ------- 328 -------
7 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL SHORT-TERM BOND FUND -- CONCLUDED
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- REITS (0.5%) Equity Office Properties Trust, 8.375%, 03/15/06 $ 150 $ 159 ------- TELECOMMUNICATIONS (5.9%) AT&T Wireless Services, Inc., 7.500%, 05/01/07 210 228 British Telecom PLC, 7.875%, 12/15/05 325 340 Deutsche Telekom Finance, 8.250%, 06/15/05 300 308 Satellite Telecom, 5.250%, 11/01/08 90 86 SBC Communications, Inc., 5.750%, 05/02/06 190 197 SBC Communications, Inc., 4.125%, 09/15/09 90 89 Verizon Global Funding Corp., 6.125%, 06/15/07 194 206 Verizon Wireless, Inc., 5.375%, 12/15/06 225 234 Vodafone Group PLC, 7.625%, 02/15/05 340 343 ------- 2,031 ------- Total Corporate Bonds (Cost $15,716) 15,613 ------- FOREIGN GOVERNMENT BONDS (0.7%) CANADA (0.7%) Quebec Province, 5.500%, 04/11/06 225 232 ------- Total Foreign Government Bonds (Cost $235) 232 ------- U.S. GOVERNMENT AGENCIES (36.2%) FANNIE MAE (13.5%) 2.625%, 01/19/07, Callable 01/19/05 @ 100 525 518
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- FANNIE MAE--CONTINUED 3.750%, 05/17/07, Callable 05/17/05 @ 100 $ 450 $ 451 6.942%, 08/01/07 155 164 3.000%, 08/15/07 835 825 6.070%, 10/01/08, Ser 380727 225 235 3.810%, 12/01/08, Ser 766065 380 379 3.125%, 03/16/09, Callable 03/16/06 @ 100 175 169 6.850%, 08/01/09, Ser 381858 305 334 4.000%, 11/25/16 140 140 3.173%, 05/01/33 230 232 3.725%, 09/01/33 175 178 3.634%, 10/01/33 214 221 4.346%, 03/01/34 370 370 4.359%, 03/01/34 326 327 ------- 4,543 ------- FEDERAL HOME LOAN BANK (9.7%) 3.250%, 08/15/05, Ser 322 675 678 2.500%, 03/15/06, Ser 392 2,500 2,485 2.625%, 05/15/07, Ser DQ07 100 98 ------- 3,261 ------- FREDDIE MAC (12.0%) 4.250%, 06/15/05 875 884 2.500%, 11/25/05 210 208 2.375%, 12/15/05 500 497 3.050%, 01/19/07, Callable 01/19/05 @ 100 400 398 2.375%, 02/15/07 345 339 2.400%, 03/29/07, Callable 03/29/05 @ 100 425 417 4.000%, 07/01/08 192 193 3.375%, 04/15/09 185 182 5.000%, 05/15/11 66 66 3.750%, 12/15/11, Ser 2890, Class AB 355 354
8 (Unaudited)
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- FREDDIE MAC--CONTINUED 3.346%, 07/01/33 $ 185 $ 187 5.009%, 04/01/34 321 323 ------- 4,048 ------- SALLIE MAE (1.0%) 2.080%, 09/15/06 (c) 330 331 ------- Total U.S. Government Agencies (Cost $12,281) 12,183 ------- U.S. TREASURY OBLIGATIONS (15.0%) U.S. TREASURY NOTES (15.0%) 1.250%, 05/31/05 1,250 1,243 2.750%, 07/31/06 1,250 1,246 2.250%, 02/15/07 500 491 2.750%, 08/15/07 (e) 1,200 1,186 3.500%, 08/15/09 880 874 ------- Total U.S. Treasury Obligations (Cost $5,086) 5,040 ------- YANKEE DOLLAR (0.5%) BEVERAGES (0.5%) Diageo PLC, 3.375%, 03/20/08 170 168 ------- Total Yankee Dollar (Cost $169) 168 -------
- ----------------------------------------------------- Shares or Principal Amount Value - ----------------------------------------------------- SHORT-TERM INVESTMENTS (3.0%) Boston Global Investment Trust -- Enhanced Portfolio (f) 1,020,000 $ 1,020 ------- Total Short-Term Investments (Cost $1,020) 1,020 ------- MONEY MARKET FUNDS (0.7%) Federated Prime Value Money Market Fund 232,243 232 ------- Total Money Market Funds (Cost $232) 232 ------- Total Investments (Cost $34,739) (a) -- 102.3% 34,488 Liabilities in excess of other assets -- (2.3)% (787) ------- Net Assets -- 100.0% $33,701 =======
See notes to schedules of portfolio investments and notes to financial statements. 9 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL SUPER SHORT INCOME PLUS FUND
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ ASSET BACKED SECURITIES (4.6%) DIVERSIFIED FINANCIAL SERVICES (4.6%) Collegiate Funding Services Education Loan, Ser 2003-B, Class A6, 2.200%, 12/28/43 $ 2,300 $ 2,300 Education Loans, Inc., Ser 2003-1, Class A, 2.230%, 12/01/35 2,300 2,300 Nelnet Student Loan Corp., Ser 2002-A, Class A7, 2.000%, 06/01/35 2,300 2,300 SLM Student Loan Trust, Ser 2003-11, Class A1, 1.880%, 09/15/09 819 818 SLM Student Loan Trust, Ser 2004-2, Class A2, 2.120%, 04/25/13 3,000 2,998 -------- Total Asset Backed Securities (Cost $10,718) 10,716 -------- COMMERCIAL PAPERS (9.9%) COMMERCIAL BANKS, N.E.C. (3.0%) ANZ (Delaware) Inc., 1.906%, 12/20/04 (b) 3,500 3,496 UBS Finance Delaware LLC, 1.947%, 12/27/04 (b) 3,500 3,495 -------- 6,991 -------- DIVERSIFIED FINANCIAL SERVICES (6.0%) ABN-Amro NA Finance, Inc., 2.104%, 12/29/04 3,500 3,494 Ciesco LLC, 1.875%, 12/06/04 (b) 3,500 3,499
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--CONTINUED New Center Asset Trust, 2.051%, 01/25/05 (b) $ 3,500 $ 3,488 Paccar Financial Corp., 1.999%, 01/18/05 (b) 3,500 3,489 -------- 13,970 -------- INVESTMENT COMPANIES (0.9%) Credit Suisse FD USA, Inc., 2.569%, 02/22/05 (b) 2,000 2,001 -------- Total Commercial Papers (Cost $22,964) 22,962 -------- CORPORATE BONDS (44.4%) AUTO MANUFACTURERS (9.1%) American Honda Finance, 2.300%, 01/16/07 (c) 2,500 2,501 Daimler Chrysler Auto Trust, Ser 2004-A, Class A2, 1.410%, 11/08/06 1,574 1,567 Daimler Chrysler Master Owner Trust, Ser 2003-A, Class A, 1.920%, 02/15/08 (c) 2,575 2,576 Daimler Chrysler National Holdings, 7.400%, 01/20/05 1,000 1,006 Daimler Chrysler National Holdings, 6.400%, 05/15/06 1,000 1,042 Harley-Davidson Motorcycle Trust, Ser 2004-1, Class A1, 1.400%, 10/15/08 1,724 1,710 Honda Auto Receivables Owner Trust, Ser 2003-2, Class A2, 1.340%, 12/21/05 158 158 Navistar Financial Corp. Owner Trust, Ser 2002-B, Class A3A, 2.120%, 03/15/07 (c) 1,101 1,101
10 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ AUTO MANUFACTURERS--CONTINUED Nissan Auto Receivables Owner Trust, Ser 2002-A, Class A4, 4.280%, 10/16/06 $ 1,311 $ 1,318 Nissan Master Owner Trust Receivables, Ser 2003-A, Class A1, 2.160%, 09/15/08 (c) 3,000 3,003 Toyota Auto Receivables Owner Trust, Ser 2003-B, Class A3, 2.130%, 08/15/07 (c) 3,000 3,000 USAA Auto Owner Trust, Ser 2004-1, Class A3, 2.060%, 04/15/08 2,150 2,121 -------- 21,103 -------- BANKS (2.7%) Bank of America Corp., 5.250%, 02/01/07 800 829 US Bank NA, 1.820%, 12/05/05 (c) 2,000 2,000 Wachovia Corp., 2.210%, 07/20/07 (c) 2,500 2,499 Wells Fargo Co., 1.900%, 03/03/06 (c) 1,000 1,002 -------- 6,330 -------- BEVERAGES (0.2%) Coca-Cola Enterprises, 5.250%, 05/15/07 450 468 -------- BUILDING MATERIALS (0.2%) Masco Corp., 6.750%, 03/15/06 500 523 --------
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ CREDIT CARD ABS (1.7%) Citibank Credit Card Issuance Trust, 2.700%, 01/15/08 $ 1,500 $ 1,494 GE Capital Credit Card Master Note Trust, Series 2004-1, Class A, 1.920%, 06/15/10 (c) 2,500 2,501 -------- 3,995 -------- DIVERSIFIED FINANCIAL SERVICES (16.1%) American Express Centurion, 2.181%, 11/16/07 (c) 2,150 2,150 Capital One Financial Corp., 7.250%, 05/01/06 750 789 CIT Group, Inc., 2.530%, 05/18/07 (c) 2,500 2,500 Citigroup, Inc., 4.125%, 02/21/06 1,000 1,011 Citigroup, Inc., 5.000%, 03/06/07 1,000 1,033 Countrywide Home Loan, Inc., Ser MTN, 5.500%, 08/01/06 1,000 1,033 Countrywide Home Loan, Ser M, 1.920%, 08/25/06 (c) 1,925 1,923 Education Funding Capital Trust I, Ser A1-8, 2.090%, 06/01/42 (c) 2,300 2,300 Ford Motor Credit Co., 7.500%, 03/15/05 1,200 1,215 Ford Motor Credit Co., 6.875%, 02/01/06 600 620 Ford Motor Credit Co., 6.500%, 01/25/07 600 624 General Electric Capital Corp., 5.000%, 06/15/07 750 776 General Electric Capital Corp., Ser A, 2.005%, 03/15/05 2,000 2,001
11 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL SUPER SHORT INCOME PLUS FUND -- CONTINUED
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--CONTINUED General Motors Acceptance Corp., 6.750%, 01/15/06 $ 600 $ 618 General Motors Acceptance Corp., 6.125%, 09/15/06 600 617 General Motors Acceptance Corp., 6.125%, 08/28/07 575 593 Goldman Sachs Group, Inc., Ser B, 2.075%, 03/30/07 (c) 3,000 3,000 Household Finance Corp., 5.750%, 01/30/07 1,000 1,045 JP Morgan Chase & Co., 2.040%, 12/18/06 (c) 3,000 3,007 JP Morgan Chase & Co., 5.250%, 05/30/07 925 962 KFW International Finance, Inc., 4.750%, 01/24/07 575 594 Merrill Lynch & Co., Inc., Ser B, 3.375%, 09/14/07 480 476 Morgan Stanley, 2.200%, 01/12/07 (c) 2,500 2,503 Morgan Stanley, 5.800%, 04/01/07 1,000 1,051 Student Loan Financial Association, Ser 04A4, 2.200%, 12/01/38 (c) 2,300 2,300 Student Loan Marketing Association, 2.170%, 01/25/06 (c) 2,000 2,003 Textron Financial Corp., 2.750%, 06/01/06 635 628 -------- 37,372 --------
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ ELECTRIC (1.2%) Alabama Power Co., 2.800%, 12/01/06 $ 500 $ 494 American Electric Power Co., Inc., Ser A, 6.125%, 05/15/06 500 519 PG&E Corp., 2.720%, 04/03/06 Callable 04/03/05 @ 100 (c) 533 533 Virginia Electric & Power, 5.750%, 03/31/06 1,250 1,289 -------- 2,835 -------- FOOD (0.8%) Conagra Foods, Inc., 7.500%, 09/15/05 750 777 Safeway, Inc., 6.150%, 03/01/06 1,000 1,032 -------- 1,809 -------- FOREST PRODUCTS & PAPER (0.2%) Weyerhaeuser Co., 5.500%, 03/15/05 376 379 -------- HOME EQUITY ABS (0.5%) Residential Asset Securities Corp., Ser 2003-KS11, Class AI1, 2.103%, 09/25/21 (c) 583 584 Residential Asset Securities Corp., Ser 2002-KS6, Class AI3, 3.580%, 12/25/26 552 551 -------- 1,135 --------
12 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ INSURANCE (2.5%) ASIF Global Finance XXII, Ser 144A, 1.910%, 05/30/06 (c) (d) $ 2,500 $ 2,507 Met Life Global Funding I, 1.931%, 08/28/06 (c) 3,250 3,259 -------- 5,766 -------- MEDIA (1.9%) AOL Time Warner, Inc., 6.125%, 04/15/06 1,000 1,038 AOL Time Warner, Inc., 6.150%, 05/01/07 500 529 TCI Communications, Inc., 6.875%, 02/15/06 500 519 Univision Communications, Inc., 2.875%, 10/15/06 875 863 Viacom, Inc., 7.750%, 06/01/05 1,525 1,565 -------- 4,514 -------- OIL & GAS (0.3%) Kerr-McGee Corp., 5.875%, 09/15/06 750 778 -------- OTHER ABS (3.0%) GMAC Mortgage Corp. Loan Trust, Ser 2004-HE1, Class A1, 2.013%, 06/25/34 (c) 2,275 2,275 GMAC Mortgage Corp. Loan Trust, Ser 2004-HE3, Class A1, 2.032%, 10/25/34 (c) 2,500 2,501
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ OTHER ABS--CONTINUED Residential Asset Mortgage Products, Inc., Ser 2004-RS2, Class AI1, 2.063%, 01/25/24 (c) $ 570 $ 570 Residential Asset Mortgage Products, Inc., Ser 2004-RS7, Class AI1, 2.103%, 08/25/22 (c) 1,558 1,558 -------- 6,904 -------- RETAIL (0.8%) Wal-Mart Stores, Inc., 2.296%, 02/22/05 (c) 1,875 1,875 -------- TELECOMMUNICATIONS (3.0%) British Telecom PLC, 7.875%, 12/15/05 1,000 1,047 Deutsche Telekom Finance, 8.250%, 06/15/05 1,500 1,543 SBC Communications, Inc., 5.750%, 05/02/06 1,000 1,034 Verizon Global Funding Corp., 6.750%, 12/01/05 1,250 1,295 Verizon Global Funding Corp., 6.125%, 06/15/07 575 610 Vodafone Group PLC, 7.625%, 02/15/05 1,500 1,515 -------- 7,044 -------- TRANSPORTATION (0.2%) Union Pacific Corp., 6.400%, 02/01/06 500 516 -------- Total Corporate Bonds (Cost $103,642) 103,346 --------
13 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL SUPER SHORT INCOME PLUS FUND -- CONTINUED
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ MASTER NOTES (1.7%) BANKS (1.7%) Banc of America Master Note, 2.133% (c) $ 4,000 $ 4,000 -------- Total Master Notes (Cost $4,000) 4,000 -------- MORTGAGE RELATED (4.7%) AUTOMOBILE ABS (0.3%) Capital Auto Receivables Asset Trust, Ser 2003-1, Class A2A, 2.270%, 1/17/06 772 772 -------- CREDIT CARD ABS (3.7%) Bank One Issuance Trust, Ser 2003-A5, Class A5, 2.150%, 02/17/09 (c) 2,500 2,501 First USA Credit Master Trust, 2.040%, 09/19/08 (c) 3,500 3,505 MBNA Master Credit Card Trust, Ser 2000-C, Class A, 2.030%, 07/15/07 (c) 2,500 2,501 -------- 8,507 -------- OTHER ABS (0.7%) CIT Equipment Collateral, 2.270%, 04/20/07 (c) 1,679 1,680 -------- Total Mortgage Related (Cost $10,963) 10,959 -------- MUNICIPAL BONDS (2.0%) CALIFORNIA (1.0%) Chela Financial USA, Inc., RB, 2.080%, 12/01/37 (c) 2,300 2,300 --------
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ WASHINGTON (1.0%) Student Loan Finance Association Education, RB, 2.250%, 06/01/38 (c) $ 2,300 $ 2,300 -------- Total Municipal Bonds (Cost $4,600) 4,600 -------- U.S. GOVERNMENT AGENCIES (27.4%) FANNIE MAE (14.8%) 2.250%, 02/09/05 (b) 5,575 5,550 1.750%, 05/23/05 3,425 3,413 1.680%, 09/06/05 (c) 5,500 5,498 6.000%, 07/25/08, Ser 1993-1997, Class PH 643 647 4.500%, 04/01/10, Ser M80812 1,105 1,117 4.459%, 11/25/14, Ser 2003-18, Class DA 1,925 1,926 4.000%, 11/25/16, Ser 2003-9, Class UA 764 764 5.101%, 05/01/32, Ser 635082 (c) 692 716 3.475%, 04/01/33, Ser 701045 (c) 1,354 1,360 3.173%, 05/01/33, Ser 688988 (c) 1,843 1,856 3.689%, 06/01/33, Ser 709050 (c) 1,981 1,983 3.698%, 08/01/33, Ser 722615 (c) 961 953 3.725%, 09/01/33, Ser 555817 (c) 1,773 1,809 3.634%, 10/01/33, Ser 555844 (c) 2,202 2,278 3.360%, 01/01/34, Ser 759258 (c) 1,313 1,309
14 (Unaudited)
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ FANNIE MAE--CONTINUED 4.346%, 03/01/34, Ser 847259 (c) $ 1,852 $ 1,849 4.359%, 03/01/34, Ser 772346 (c) 1,232 1,237 -------- 34,265 -------- FEDERAL HOME LOAN BANK (1.9%) 1.450%, 03/11/05, Callable 02/17/05 @ 100 4,500 4,489 -------- FREDDIE MAC (9.7%) 2.000%, 10/07/05 (c) 3,000 2,998 2.165%, 11/07/05 (c) 5,500 5,500 7.200%, 10/01/06 844 886 4.000%, 11/15/06, Ser 2685, Class NA 873 874 6.250%, 11/15/07, Ser 1520, Class H 33 33 4.500%, 03/01/08, Ser M90803 1,029 1,044 4.000%, 05/01/08 1,627 1,636 4.000%, 06/01/08, Ser M90818 1,396 1,404 5.000%, 05/15/11, Ser 2558, Class BA 253 254 4.000%, 11/15/11, Ser 2542, Class AG 1,305 1,312 3.760%, 12/15/11, Ser 2890, Class AB 1,175 1,173 5.000%, 04/15/13, Ser 2508, Class MF 201 202 5.000%, 02/15/14, Ser 2595, Class AB 1,296 1,315 4.500%, 05/15/14, Ser 2497, Class NM 100 101 5.500%, 12/15/15, Ser 2485 178 181 5.000%, 04/15/16, Ser 2572, Class LB 604 606
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ FREDDIE MAC--CONTINUED 3.500%, 05/15/19, Ser 5759, Class AU $ 625 $ 625 3.500%, 12/15/21, Ser 1629, Class HA 47 47 3.346%, 07/01/33, Ser 780675 (c) 771 780 3.686%, 08/01/33, Ser 1B1002 (c) 1,065 1,053 5.009%, 04/01/34, Ser 847276 (c) 538 542 -------- 22,566 -------- GINNIE MAE (0.1%) 5.500%, 01/20/21 238 238 -------- SALLIE MAE (0.9%) 2.080%, 09/15/06 (c) 2,000 2,005 -------- Total U.S. Government Agencies (Cost $63,777) 63,563 -------- U.S. TREASURY OBLIGATIONS (3.5%) U.S. TREASURY BILLS (3.3%) 1.942%, 12/16/04 (b) 7,750 7,744 -------- U.S. TREASURY NOTES (0.2%) 2.750%, 08/15/07 500 494 -------- Total U.S. Treasury Obligations (Cost $8,243) 8,238 -------- REPURCHASE AGREEMENTS (1.7%) Merrill Lynch, 1.995% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $1,926,659 (collateralized by GNM1 obligations; total market value $1,969,088) 1,927 1,927
15 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL SUPER SHORT INCOME PLUS FUND -- CONCLUDED
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ REPURCHASE AGREEMENTS--CONTINUED UBS Warburg, 1.995% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $1,920,226 (collateralized by FNRM obligations; total market value $1,962,915) $ 1,920 $ 1,920 -------- Total Repurchase Agreements (Cost $3,847) 3,847 --------
- ------------------------------------------------------ Shares or Principal Amount Value - ------------------------------------------------------ MONEY MARKET FUNDS (0.1%) Dreyfus Government Cash Management Money Market Fund 100,000 $ 100 Federated Prime Value Money Market Fund 100,000 100 -------- Total Money Market Funds (Cost $200) 200 -------- Total Investments (Cost $232,954) (a) -- 100.0% 232,431 Liabilities in excess of other assets -- 0.0% (71) -------- Net Assets -- 100.0% $232,360 ========
See notes to schedules of portfolio investments and notes to financial statements. 16 (Unaudited) CLASSIC INSTITUTIONAL TOTAL RETURN BOND FUND
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- CORPORATE BONDS (27.9%) AUTO MANUFACTURERS (1.6%) American Honda Finance, 3.850%, 11/06/08 (d) $ 185 $ 184 DaimlerChrysler AG, 8.500%, 01/18/31 100 121 Ford Motor Co., 7.450%, 07/16/31 650 632 General Motors Corp., 8.375%, 07/15/33 395 402 -------- 1,339 -------- BANKS (1.0%) Bank of America Corp., 7.400%, 01/15/11 400 462 Bank One Corp., 7.625%, 08/01/05 160 165 Wachovia Corp., 7.550%, 08/18/05 210 217 Wells Fargo & Co., 4.800%, 07/29/05 30 30 -------- 874 -------- BEVERAGES (0.1%) Miller Brewing Co., 4.250%, 08/15/08 (d) 95 96 -------- BUILDING MATERIALS (0.2%) American Standard, Inc., 7.625%, 02/15/10 145 165 -------- CHEMICALS (1.0%) Huntsman International LLC, 11.625%, 10/15/10, Callable 10/15/07 @ 105.81 250 298 Lyondell Chemical Co., 11.125%, 07/15/12, Callable 07/15/07 @ 105.56 150 177
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- CHEMICALS--CONTINUED MacDermid, Inc., 9.125%, 07/15/11, Callable 07/15/06 @ 104.56 $ 350 $ 387 -------- 862 -------- COMMERCIAL SERVICES (0.1%) Donnelley (R.R.) & Sons Co., 3.750%, 04/01/09 110 108 -------- COMPUTERS (0.0%) NCR Corp., 7.125%, 06/15/09 35 38 -------- COSMETICS/PERSONAL CARE (0.1%) Gillette Co., 3.750%, 12/01/04 (d) 45 45 -------- DIVERSIFIED FINANCIAL SERVICES (4.1%) Borden U.S. Finance Corp./ Nova Scotia Finance ULC, 9.000%, 07/15/14, Callable 07/15/09 @ 104.50 (d) 100 110 Capital One Bank, 5.125%, 02/15/14 295 291 CIT Group, Inc., 5.750%, 09/25/07 100 105 CIT Group, Inc., 5.500%, 11/30/07 100 105 CIT Group, Inc., 5.125%, 09/30/14 95 94 Citigroup, Inc., 5.125%, 05/05/14 160 162 Citigroup, Inc., 5.875%, 02/22/33 185 184 Fund American Cos., Inc., 5.875%, 05/15/13 240 241 Goldman Sachs Group, Inc., 3.875%, 01/15/09 85 84 Goldman Sachs Group, Inc., 4.750%, 07/15/13 130 127
17 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL TOTAL RETURN BOND FUND -- CONTINUED
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--CONTINUED Goldman Sachs Group, Inc., 6.345%, 02/15/34 $ 160 $ 162 Household Finance Corp., 7.625%, 05/17/32 100 122 International Lease Finance Corp., 4.750%, 07/01/09 355 360 J.P. Morgan Chase & Co., 6.625%, 03/15/12 460 511 John Deere Capital Corp., 3.900%, 01/15/08 100 100 MBNA Corp., MTN, 7.500%, 03/15/12 60 69 Merrill Lynch & Co., Inc., MTN, 3.700%, 04/21/08 75 75 Merrill Lynch & Co., Inc., MTN, 5.000%, 01/15/15 190 187 Morgan Stanley, 5.300%, 03/01/13 335 342 -------- 3,431 -------- ELECTRIC (2.9%) Aquila, Inc., 14.875%, 07/01/12 250 348 CalEnergy Co., Inc., 7.520%, 09/15/08 70 78 Carolina Power & Light, 6.500%, 07/15/12 55 60 Cincinnati Gas & Electric Co., 5.700%, 09/15/12 85 89 Dominion Resources, Inc., Ser B, 7.625%, 07/15/05 130 134 Dominion Resources, Inc., Ser E, 6.750%, 12/15/32 100 107 Edison Mission Energy, 9.875%, 04/15/11 400 472 Entergy Gulf States, Inc., 5.200%, 12/03/07, Callable 12/01/04 @ 100.00 20 20
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- ELECTRIC--CONTINUED Entergy Gulf States, Inc., 4.875%, 11/01/11, Callable 11/01/06 @ 100.00 $ 85 $ 84 Florida Power & Light, Co., 6.875%, 12/01/05 25 26 Oncor Electric Delivery, 7.000%, 05/01/32 100 113 Pacific Gas & Electric Co., 6.050%, 03/01/34 300 302 PSEG Energy Holdings, 10.000%, 10/01/09 300 360 Westar Energy, Inc., 7.875%, 05/01/07 210 229 -------- 2,422 -------- FOREST PRODUCTS & PAPER (1.8%) Appleton Papers, Inc., Ser B, 9.750%, 06/15/14, Callable 06/15/09 @ 104.88 300 331 Georgia-Pacific Corp., 8.125%, 05/15/11 350 404 International Paper Co., 5.500%, 01/15/14 170 173 Neenah Paper, Inc., 7.375%, 11/15/14, Callable 11/15/09 @ 103.69 (d) 350 355 Weyerhaeuser Co., 6.750%, 03/15/12 130 146 Weyerhaeuser Co., 7.375%, 03/15/32 85 98 -------- 1,507 -------- GAS (0.1%) Sempra Energy, 4.750%, 05/15/09 70 71 --------
18 (Unaudited)
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- HEALTHCARE -- SERVICES (1.2%) Anthem Insurance Cos., Inc., 9.000%, 04/01/27 (d) $ 145 $ 196 HCA, Inc., 8.750%, 09/01/10 400 454 Iasis Healthcare Corp., 8.750%, 06/15/14, Callable 06/15/09 @ 104.38 (d) 300 326 WellPoint Health Networks, Inc., 6.375%, 06/15/06 70 73 -------- 1,049 -------- HOME BUILDERS (0.3%) Lennar Corp., 5.950%, 03/01/13 100 105 Pulte Homes, Inc., 4.875%, 07/15/09 160 161 -------- 266 -------- HOUSEHOLD PRODUCTS/WARES (0.1%) Dial Corp., 7.000%, 08/15/06 100 106 -------- INSURANCE (0.8%) Berkshire Hathaway Financial, Inc., 3.375%, 10/15/08 185 182 MetLife, Inc., 5.250%, 12/01/06 60 62 Monumental Global Funding, 5.200%, 01/30/07 (d) 155 161 Prudential Financial, Inc., MTN, 3.750%, 05/01/08 100 99 Prudential Financial, Inc., MTN, 5.100%, 09/20/14 155 153 -------- 657 -------- INVESTMENT COMPANIES (0.2%) Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 185 205 --------
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- LEISURE TIME (0.2%) GTECH Holdings Corp., 4.750%, 10/15/10 $ 45 $ 45 Harley Davidson Funding, 3.625%, 12/15/08 (d) 130 128 -------- 173 -------- LODGING (0.5%) Mandalay Resort Group, Ser B, 10.250%, 08/01/07 375 424 Marriott International, Inc., Ser C, 7.875%, 09/15/09 25 29 -------- 453 -------- MEDIA (2.0%) British Sky Broadcasting Group PLC, 6.875%, 02/23/09 215 235 Comcast Corp., 7.125%, 06/15/13 320 363 Cox Communications, Inc., 4.625%, 06/01/13 190 177 CSC Holdings, Inc., 10.500%, 05/15/16, Callable 05/15/06 @ 105.25 250 283 News America Holdings, Inc., 9.250%, 02/01/13 185 237 Time Warner, Inc., 6.750%, 04/15/11 60 67 Time Warner, Inc., 7.625%, 04/15/31 160 187 Univision Communications, Inc., 7.850%, 07/15/11 115 133 -------- 1,682 --------
19 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL TOTAL RETURN BOND FUND -- CONTINUED
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- MINING (0.9%) Barrick Gold Finance, Inc., 7.500%, 05/01/07 $ 75 $ 81 Codelco, Inc., 5.500%, 10/15/13 (d) 240 246 Inco Ltd., 7.750%, 05/15/12 340 400 -------- 727 -------- MISCELLANEOUS MANUFACTURER (1.1%) General Electric Co., 5.000%, 02/01/13 735 746 Tyco International Group SA, 6.000%, 11/15/13 75 81 Tyco International Group SA, 6.875%, 01/15/29 75 84 -------- 911 -------- OFFICE / BUSINESS EQUIPMENT (0.4%) Xerox Corp., 9.750%, 01/15/09 300 351 -------- OIL & GAS (1.2%) BP Capital Markets PLC, 4.000%, 04/29/05 215 216 ConocoPhillips, 6.375%, 03/30/09 40 44 ConocoPhillips, 8.750%, 05/25/10 145 177 Devon Financing Corp., 7.875%, 09/30/31 105 129 Enterprise Products Operating LP, Ser B, 6.875%, 03/01/33 155 160 Motiva Enterprises LLC, 5.200%, 09/15/12 (d) 55 56 PennzEnergy Co., 10.250%, 11/01/05 15 16 XTO Energy, Inc., 6.250%, 04/15/13 210 227 -------- 1,025 --------
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- PACKAGING & CONTAINERS (0.1%) Packaging Corp. of America, 5.750%, 08/01/13 $ 85 $ 87 -------- PIPELINES (0.8%) Centerpoint Energy Resources, 7.875%, 04/01/13 300 352 K N Capital Trust III, 7.630%, 04/15/28 185 203 Kinder Morgan, Inc., 7.250%, 03/01/28 85 94 -------- 649 -------- REITS (0.6%) iStar Financial, Inc., 8.750%, 08/15/08 400 456 Simon Property Group LP, 6.375%, 11/15/07 40 43 -------- 499 -------- RETAIL (1.1%) AutoNation, Inc., 9.000%, 08/01/08 400 456 Office Depot, Inc., 10.000%, 07/15/08 400 478 -------- 934 -------- SAVINGS & LOANS (0.1%) Golden West Financial Corp., 4.125%, 08/15/07 120 122 -------- TELECOMMUNICATIONS (3.0%) Citizens Communications Co., 9.000%, 08/15/31 250 274 Deutsche Telekom International Finance, 9.250%, 06/01/32 115 160 GCI, Inc., 7.250%, 02/15/14, Callable 02/15/09 @ 103.63 250 250 Inmarsat Finance PLC, 7.625%, 06/30/12, Callable 03/01/08 @ 103.81 250 256
20 (Unaudited)
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- TELECOMMUNICATIONS--CONTINUED Qwest Corp., 8.875%, 06/01/31, Callable 01/13/05 @ 105.03 $ 400 $ 410 Rogers Wireless, Inc., 6.375%, 03/01/14 250 244 SBC Communications, Inc., 5.625%, 06/15/16 40 41 SBC Communications, Inc., 6.450%, 06/15/34 165 170 Sprint Capital Corp., 8.750%, 03/15/32 300 386 Telus Corp., 8.000%, 06/01/11 160 187 Verizon Global Funding Corp., 7.750%, 12/01/30 145 174 -------- 2,552 -------- TRANSPORTATION (0.3%) FedEx Corp., 3.500%, 04/01/09 295 287 -------- Total Corporate Bonds (Cost $23,433) 23,693 -------- FOREIGN GOVERNMENT BONDS (0.6%) MEXICO (0.6%) United Mexican States, 8.300%, 08/15/31 435 493 -------- Total Foreign Government Bonds (Cost $488) 493 -------- U.S. GOVERNMENT AGENCIES (28.7%) FANNIE MAE (17.1%) 5.500%, 03/01/16 850 877 5.500%, 07/01/16 216 223 5.000%, 02/01/17 1,545 1,565 6.000%, 02/01/17 150 157 4.500%, 06/01/17 590 586 5.000%, 11/01/18 422 428 5.500%, 11/01/18 437 452 4.500%, 12/01/18 306 304 5.500%, 12/01/18 166 171
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- FANNIE MAE--CONTINUED 5.000%, 01/01/19 $ 959 $ 973 6.000%, 01/01/19 212 223 5.000%, 10/01/19 933 947 6.500%, 05/01/31 256 269 7.000%, 12/01/31 170 181 5.500%, 04/01/32 360 364 6.500%, 07/01/32 1,602 1,683 5.500%, 04/01/33 218 220 5.500%, 04/01/33 232 235 5.000%, 06/01/33 417 412 5.500%, 06/01/33 800 810 7.000%, 10/01/33 548 581 5.500%, 11/01/33 449 455 6.000%, 11/01/33 335 346 5.500%, 01/01/34 853 864 5.500%, 02/01/34 846 857 6.000%, 05/01/34 315 325 -------- 14,508 -------- FREDDIE MAC (10.2%) 4.500%, 01/01/19 566 563 7.000%, 09/01/29 100 106 6.000%, 01/01/31 1,125 1,160 5.500%, 05/01/32 2,990 3,025 5.500%, 02/01/33 327 332 6.000%, 04/01/33 259 267 5.000%, 09/01/33 1,280 1,268 6.000%, 11/01/33 1,092 1,128 6.000%, 12/01/33 150 155 5.000%, 07/01/34 202 199 6.000%, 10/01/34 399 412 -------- 8,615 -------- GINNIE MAE (1.4%) 7.000%, 01/15/32 135 144 6.500%, 07/15/32 300 316 5.000%, 09/15/33 334 333
21 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL TOTAL RETURN BOND FUND -- CONCLUDED
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- GINNIE MAE--CONTINUED 6.000%, 07/15/34 $ 215 $ 223 5.000%, 11/15/34 200 199 -------- 1,215 -------- Total U.S. Government Agencies (Cost $24,411) 24,338 -------- U.S. TREASURY OBLIGATIONS (35.3%) U.S. TREASURY BONDS (3.6%) 5.375%, 02/15/31 2,885 3,036 -------- U.S. TREASURY NOTES (31.7%) 1.625%, 01/31/05 3,805 3,802 1.500%, 02/28/05 3,765 3,759 1.625%, 04/30/05 3,660 3,650 3.500%, 11/15/06 3,675 3,709 2.875%, 11/30/06 1,585 1,581 3.125%, 05/15/07 2,975 2,974 3.500%, 11/15/09 840 832 1.875%, 07/15/13 3,615 3,818 4.250%, 11/15/14 115 114 3.875%, 04/15/29 1,745 2,663 -------- 26,902 -------- Total U.S. Treasury Obligations (Cost $29,939) 29,938 --------
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- YANKEE DOLLAR (0.7%) INSURANCE (0.2%) Fairfax Financial Holdings Ltd., 8.300%, 04/15/26 $ 200 $ 197 -------- MEDIA (0.5%) Kabel Deutschland GMBH, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31 375 431 -------- Total Yankee Dollar (Cost $579) 628 -------- REPURCHASE AGREEMENTS (21.1%) Merrill Lynch, 1.995% , dated 11/30/04, to be repurchased on 12/01/04, repurchase price $17,931,762 (collateralized by GNMA obligations; total market value $18,292,489) 17,931 17,931 -------- Total Repurchase Agreements (Cost $17,931) 17,931 -------- Total Investments (Cost $96,781) (a) -- 114.3% 97,021 Liabilities in Excess of Other Assets -- (14.3)% (12,156) -------- Net Assets -- 100.0% $ 84,865 ========
See notes to schedules of portfolio investments and notes to financial statements. 22 (Unaudited) CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES SUPER SHORT INCOME PLUS FUND
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- ASSET BACKED SECURITIES (6.3%) DIVERSIFIED FINANCIAL SERVICES (6.3%) Collegiate Funding Services Education Loan, Ser 2003-B, Class A6, 2.200%, 12/28/43 (c) $ 1,050 $ 1,050 Education Loans, Inc., Ser 2003-1, Class A, 2.230%, 12/01/35 (c) 1,000 1,000 KeyCorp Student Loan Trust, Ser 2004-A, Class 1A1, 1.565%, 04/27/17 (c) 925 925 Nelnet Student Loan Corp., Ser 2002-A, Class A7, 2.000%, 06/01/35 (c) 1,000 1,000 SLM Student Loan Trust, Ser 2003-11, Class A1, 1.880%, 09/15/09 (c) 324 324 SLM Student Loan Trust, Ser 2004-2, Class A2, 2.120%, 04/25/13 (c) 1,750 1,748 ------- Total Asset Backed Securities (Cost $6,049) 6,047 ------- CORPORATE BONDS (2.1%) DIVERSIFIED FINANCIAL SERVICES (2.1%) Education Funding Capital Trust I, Ser A1-8, 2.090%, 06/01/42, Callable 09/21/04 @ 100 (c) 1,000 1,000 Student Loan Financial Association, Ser 04A4, 2.200%, 12/01/38 (c) 1,000 1,000 ------- Total Corporate Bonds (Cost $2,000) 2,000 -------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MUNICIPAL BONDS (2.1%) CALIFORNIA (1.0%) Chela Financial USA, Inc., RB, 2.080%, 12/01/37 (c) $ 1,000 $ 1,000 ------- WASHINGTON (1.1%) Student Loan Finance Association Education, RB, 2.250%, 06/01/38 (c) 1,050 1,050 ------- Total Municipal Bonds (Cost $2,050) 2,050 ------- U.S. GOVERNMENT AGENCIES (80.1%) FANNIE MAE (38.8%) 1.745%, 12/08/04 (b) 4,000 3,997 2.250%, 02/09/05 (b) 4,000 3,982 1.330%, 02/23/05, Callable 311/23/04 @ 100 1,000 998 1.860%, 03/23/05 (c) 2,000 2,000 1.750%, 05/23/05 1,000 997 1.680%, 09/06/05 (c) 2,500 2,499 2.388%, 10/07/05 (c) 3,000 2,999 1.740%, 12/09/05 (c) 2,500 2,498 3.750%, 05/17/07, Callable 05/17/05 @ 100 575 576 6.942%, 08/01/07 (c) 335 355 3.000%, 08/15/07 600 594 6.000%, 07/25/08 351 353 4.500%, 04/01/10 1,105 1,117 4.500%, 11/25/14 1,444 1,445 4.000%, 11/25/16 891 892 3.000%, 06/25/19 1,040 1,026 5.101%, 05/01/32 (c) 787 814 3.250%, 11/25/32 519 517 3.475%, 04/01/33 (c) 1,354 1,360 3.173%, 05/01/33 (c) 937 943 3.689%, 06/01/33 (c) 1,981 1,983
23 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES SUPER SHORT INCOME PLUS FUND -- CONCLUDED
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FANNIE MAE--CONTINUED 3.698%, 08/01/33 (c) $ 1,037 $ 1,028 3.725%, 09/01/33 (c) 771 787 3.634%, 10/01/33 (c) 944 976 3.360%, 01/01/34 (c) 591 589 4.346%, 03/01/34 1,024 1,022 4.359%, 03/01/34 1,093 1,097 ------- 37,444 ------- FEDERAL FARM CREDIT BANK (3.6%) 2.104%, 04/29/05 (c) 2,000 2,000 2.125%, 08/15/05 1,490 1,485 ------- 3,485 ------- FEDERAL HOME LOAN BANK (8.9%) 3.875%, 12/15/04 1,750 1,751 2.328%, 12/17/04 3,875 3,874 1.450%, 03/11/05, Callable 11/17/04 @ 100 1,000 998 1.625%, 06/15/05 2,000 1,991 ------- 8,614 ------- FREDDIE MAC (28.5%) 1.850%, 12/21/04 (b) 4,000 3,995 1.980%, 01/19/05 (b) 4,000 3,988 3.875%, 02/15/05 1,035 1,038 1.825%, 09/09/05 (c) 2,500 2,500 2.000%, 10/07/05 (c) 2,000 2,000 2.165%, 11/07/05 (c) 2,500 2,500 2.500%, 11/25/05 1,000 993 2.000%, 02/23/06, Callable 02/23/05 @ 100 575 568 7.200%, 10/01/06 444 466
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- FREDDIE MAC--CONTINUED 4.000%, 11/15/06 $ 303 $ 304 2.400%, 03/29/07, Callable 03/29/05 @ 100 575 564 6.250%, 11/15/07 49 49 4.500%, 03/01/08 1,029 1,044 4.000%, 06/01/08 620 624 5.000%, 05/15/11 303 305 4.000%, 11/15/11 823 827 3.750%, 12/15/11 500 499 5.000%, 04/15/13 401 404 5.000%, 02/15/14 796 807 4.500%, 05/15/14 167 168 5.500%, 12/15/15 400 407 5.000%, 04/15/16 604 606 3.500%, 05/15/19 526 526 3.500%, 12/15/21 31 31 3.346%, 07/01/33 (c) 962 973 3.686%, 08/01/33 (c) 1,065 1,053 5.009%, 04/01/34 (c) 263 265 ------- 27,504 ------- GINNIE MAE (0.3%) 4.000%, 10/20/21 259 260 ------- Total U.S. Government Agencies (Cost $77,525) 77,307 ------- U.S. TREASURY OBLIGATIONS (4.1%) U.S. TREASURY BILLS (4.1%) 1.940%, 12/16/04 (b) 4,000 3,997 ------- Total U.S. Treasury Obligations (Cost $3,997) 3,997 -------
24 (Unaudited)
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- REPURCHASE AGREEMENTS (5.1%) Merrill Lynch, 1.995%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $2,480,045 (collateralized by GNMA obligations; total market value $2,531,592) $ 2,480 $ 2,480 ------- UBS Warburg, 1.995%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $2,473,921 (collateralized by FHLMC obligations; total market value $2,526,347) 2,474 2,474 ------- Total Repurchase Agreements (Cost $4,954) 4,954 -------
- ------------------------------------------------------- Shares or Principal Amount Value - ------------------------------------------------------- MONEY MARKET FUNDS (0.2%) Dreyfus Government Cash Management Money Market Fund 100,000 $ 100 ------- Federated Government Obligations Fund 100,000 100 ------- Total Money Market Funds (Cost $200) 200 ------- Total Investments (Cost $96,775) (a) -- 100.0% 96,555 Liabilities in excess of other assets -- 0.0% (1) ------- Net Assets -- 100.0% $96,554 -------
See notes to schedules of portfolio investments and notes to financial statements. 25 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- CERTIFICATES OF DEPOSIT (2.5%) BANKS (2.5%) Branch Banking & Trust, 2.035%, 01/24/05 (c) $30,000 $ 30,000 Regions Bank, 2.075%, 08/23/05 (c) 35,000 35,000 ---------- Total Certificates of Deposit (Cost $65,000) 65,000 ---------- COMMERCIAL PAPERS (9.7%) DIVERSIFIED FINANCIAL SERVICES (9.7%) Atlantis One Funding, 1.816%, 12/08/04 (b) 20,000 19,993 CIT Group, 1.948%, 01/18/05 (b) 18,470 18,422 Credit Suisse, 2.064%, 12/17/04 (b) 30,000 29,973 Credit Suisse, 2.209%, 01/18/05 (b) 30,000 29,912 General Electric, 1.796%, 12/17/04 (b) 35,000 34,973 ING Funding, 2.051%, 05/27/05 (b) 30,000 29,702 Liquid Funding Ltd., 2.006%, 12/16/04 (b) 25,000 24,980 Liquid Funding Ltd., 2.080%, 06/03/05 (b) 25,000 24,997 Sigma Finance, Inc., 1.867%, 02/10/05 (b) 35,000 34,872 ---------- Total Commercial Papers (Cost $247,824) 247,824 ---------- CORPORATE BONDS (11.4%) BANKS (2.1%) American Express Centurion, 2.090%, 01/20/05 (c) 25,000 25,000 American Express Centurion, 2.100%, 09/20/05 (c) 30,000 30,000 ---------- 55,000 ----------
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES (9.3%) Beta Finance, Inc., 2.357%, 01/18/05 (c) (d) $50,000 $ 50,000 Beta Finance, Inc., 1.535%, 04/29/05 (d) 25,000 24,991 Beta Finance, Inc., 2.500%, 11/10/05 (d) 25,000 25,000 Principal Life Global, 2.380%, 03/29/05 (c) (d) 61,000 61,058 Sigma Finance, Inc., 2.398%, 01/12/05 50,000 49,999 Sigma Finance, Inc., 2.355%, 09/13/05 25,000 25,000 ---------- 236,048 ---------- Total Corporate Bonds (Cost $291,048) 291,048 ---------- DEMAND NOTES (13.6%) DIVERSIFIED FINANCIAL SERVICES (9.9%) Barrington Development Corp., 2.080%, 12/01/32 (c) 21,135 21,135 Carmichael Properties, 2.260%, 10/01/20 (c) 2,930 2,930 Gasmor Corp., 2.288%, 02/01/31 (c) 3,710 3,710 General Electric Capital Corp., 2.300%, 05/12/05 (c) 50,000 50,033 Liberty Light US Capital, 2.125%, 05/10/05 (c) 50,000 49,996 Liquid Funding Ltd., 2.230%, 06/28/05 (c) 35,000 35,000 LP Pinewood, 2.216%, 02/01/18 (c) 14,900 14,900 Morgan Stanley, 2.166%, 04/19/05 (c) 50,000 50,000 Morgan Stanley, 2.073%, 11/04/05 (c) 25,000 25,000 ---------- 252,704 ----------
26 (Unaudited)
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- INVESTMENT COMPANIES (3.7%) Dorada Finance, Inc., 2.438%, 01/14/05 (c) $50,000 $ 50,000 Dorada Finance, Inc., 2.392%, 03/18/05 (c) 20,000 20,000 Dorada Finance, Inc., 2.200%, 09/07/05 (d) 25,000 25,000 ---------- 95,000 ---------- Total Demand Notes (Cost $347,704) 347,704 ---------- MASTER NOTES (4.8%) BANKS (4.8%) Banc of America Master Note, 2.133% (c) 122,400 122,400 ---------- Total Master Notes (Cost $122,400) 122,400 ---------- MUNICIPAL BONDS (18.2%) ALABAMA (0.4%) Alabaster, Ser A, GO, 2.180%, 04/01/14, AMBAC (c) 9,355 9,355 ---------- ALASKA (3.3%) Housing Finance Corp., RB, Ser C, 2.016%, 12/01/32 (c) 61,925 61,925 Housing Finance Corp., RB, Ser C, 2.040%, 12/01/32 (c) 25,000 25,000 ---------- 86,925 ---------- CALIFORNIA (1.1%) Housing Finance Agency, RB, 2.026%, 02/01/41 SPA -- Landesbank Hessen- Thrgn (c) 6,000 6,000 Santa Rosa Rancheria, RB, 2.070%, 09/01/19 LOC: Bank One NA (c) 22,000 22,000 ---------- 28,000 ----------
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- COLORADO (5.0%) Housing & Finance Authority, RB, 2.026%, 11/01/32 SPA -- JP Morgan Chase Bank (c) $34,400 $ 34,400 Housing & Finance Authority, RB, 2.026%, 11/01/33 SPA -- JP Morgan Chase Bank (c) 20,200 20,200 Housing & Finance Authority, RB, 2.026%, 10/01/34 SPA -- FHLB (c) 20,000 20,000 Housing & Finance Authority, RB, 2.026%, 11/01/35 Liq Fac -- Lloyds TSB Bank (c) 9,685 9,685 Housing & Finance Authority, RB, 2.026%, 05/01/41 SPA -- Landesbank (c) 21,200 21,200 Housing & Financial Authority, RB, 2.026%, 11/01/34 SPA -- Dexia Credit (c) 25,000 25,000 ---------- 130,485 ---------- FLORIDA (0.3%) Housing Finance Corp., RB, 2.075%, 01/15/35 LOC: FNMA (c) 2,500 2,500 Housing Finance Corp., RB, 2.110%, 06/15/36 LOC: Bank of America (c) 2,900 2,900 Orange County Housing Finance Authority, Multifamily, RB, Ser D, 2.075%, 07/15/34 (c) 2,100 2,100 ---------- 7,500 ----------
27 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND -- CONCLUDED
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- ILLINOIS (1.8%) Champaign, Ser B, GO, 2.080%, 01/01/24 SPA -- Bank One (c) $ 4,900 $ 4,900 Student Assistance Community Student Loan, RB, Ser D, 2.180%, 09/01/23 LOC: Bank of America (c) 40,000 40,000 ---------- 44,900 ---------- MISSISSIPPI (2.1%) Development Bank Special Obligation, RB, 2.180%, 12/01/23, AMBAC (c) 4,200 4,200 Nissan Project A, GO, 2.056%, 11/01/28 SPA -- Bank of America (c) 48,800 48,800 ---------- 53,000 ---------- NEW JERSEY (1.7%) Economic Development Authority, RB, 2.230%, 10/01/15 LOC: First Union National Bank (c) 3,030 3,030 Economic Development Authority, State Pension Funding, RB, 2.060%, 02/15/29 FSA (c) 40,000 40,000 ---------- 43,030 ---------- NEW YORK (1.1%) Housing Development Corp., 2.080%, 06/01/33 LOC: Bayerische Landesbank (c) 28,000 28,000 ---------- TEXAS (0.3%) Texas, GO, 2.080%, 06/01/20 SPA -Dexia Credit Local (c) 7,000 7,000 ----------
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- VIRGINIA (1.1%) Newport News Economic Development Authority, RB, Ser A, 2.115%, 07/01/31 LOC: First Union National (c) $22,430 $ 22,430 Newport News Economic Development Authority, RB, Ser B, 2.164%, 07/01/31 LOC: First Union National (c) 4,480 4,480 ---------- 26,910 ---------- Total Municipal Bonds (Cost $465,105) 465,105 ---------- U.S. GOVERNMENT AGENCIES (34.3%) FANNIE MAE (16.9%) 1.532%, 12/01/04 (b) 20,000 20,000 1.296%, 12/10/04 (b) 30,000 29,990 1.908%, 12/22/04 (b) 50,000 49,945 1.928%, 12/29/04 (b) 35,000 34,948 1.235%, 02/04/05 (b) 50,000 49,884 1.375%, 02/11/05 55,000 55,000 1.360%, 02/15/05 40,000 40,000 2.060%, 02/23/05 (c) 100,000 100,000 2.178%, 07/22/05 (b) 20,000 19,727 2.228%, 09/16/05 (b) 15,000 14,737 2.456%, 10/14/05 (b) 20,000 19,577 ---------- 433,808 ---------- FEDERAL AGRICULTURAL MORTGAGE CORPORATION (2.7%) 2.075%, 02/24/05 (c) 50,000 50,000 1.915%, 06/30/05 (c) 20,000 20,000 ---------- 70,000 ---------- FEDERAL HOME LOAN BANK (2.1%) 1.360%, 03/09/05 30,000 30,000 1.200%, 04/01/05 25,000 24,998 ---------- 54,998 ---------- FREDDIE MAC (12.6%) 1.078%, 12/06/04 (b) 25,000 24,996
28 (Unaudited)
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- FREDDIE MAC--CONTINUED 1.745%, 12/07/04 (b) $50,000 $ 49,985 1.908%, 12/21/04 (b) 25,000 24,974 1.731%, 12/27/04 (b) 30,000 29,963 1.663%, 12/28/04 (b) 40,000 39,951 1.875%, 01/15/05 20,000 20,005 1.815%, 01/18/05 (b) 30,000 29,928 2.046%, 06/28/05 (b) 50,000 49,416 2.255%, 09/20/05 (b) 15,000 14,731 2.855%, 11/15/05 (b) 40,000 38,923 ---------- 322,872 ---------- Total U.S. Government Agencies (Cost $881,678) 881,678 ---------- REPURCHASE AGREEMENTS (5.5%) ABN Amro, 1.955%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $19,107,760 (collateralized by FHDN obligations; total market value $19,489,050) 19,107 19,107 Bear Stearns, 2.025%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $27,640,907 (collateralized by FNST obligations; total market value $28,194,542) 27,639 27,639 BNP Paribas, 1.955%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $21,523,901 (collateralized by FHLB obligations; total market value $21,959,679) 21,529 21,529
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- REPURCHASE AGREEMENTS -- CONTINUED Lehman Brothers, 1.985%, dated 11/30/04, to be repurchased in 12/01/04, repurchase price $36,442,302 (collateralized by FGPC obligations; total market value $37,173,724) $36,440 $ 36,440 Merrill Lynch, 1.995%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $22,144,766 (collateralized by GNMA obligations; total market value $22,587,019) 22,144 22,144 UBS Warburg, 1.995%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $14,066,692 (collateralized by FNRM; total market value $14,348,758) 14,066 14,066 ---------- Total Repurchase Agreements (Cost $140,925) 140,925 ---------- Total Investments (Cost $2,561,684) (a) -- 100.0% 2,561,684 Liabilities in excess of other assets -- 0.0% (616) ---------- Net Assets -- 100.0% $2,561,068 ==========
See notes to schedules of portfolio investments and notes to financial statements. 29 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES MONEY MARKET FUND
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- U.S. GOVERNMENT AGENCIES (80.5%) FANNIE MAE (37.3%) 1.745%, 12/08/04 (b) $15,000 $ 14,995 1.316%, 12/10/04 (b) 15,000 14,995 1.994%, 12/14/04 (b) 25,000 24,982 1.079%, 12/16/04 (b) 10,000 9,996 1.214%, 01/07/05 (b) 15,000 14,982 1.713%, 01/12/05 (b) 15,000 14,970 1.723%, 01/19/05 (b) 15,000 14,965 2.245%, 02/02/05 (b) 49,000 48,810 1.360%, 02/15/05 10,000 10,000 2.060%, 02/23/05 (c) 50,000 49,999 1.155%, 03/04/05 (b) 15,000 14,946 1.573%, 04/01/05 (b) 10,000 9,948 2.048%, 05/03/05 (c) 25,000 24,998 2.067%, 06/24/05 (b) 10,000 9,886 2.184%, 07/22/05 (b) 15,000 14,795 2.228%, 09/16/05 (b) 10,000 9,825 2.456%, 10/14/05 (b) 10,000 9,789 -------- 312,881 -------- FEDERAL AGRICULTURAL MORTGAGE CORPORATION (7.1%) 2.075%, 02/24/05 (c) 30,000 30,000 1.915%, 06/30/05 (c) 30,000 30,000 -------- 60,000 -------- FEDERAL FARM CREDIT BANK (9.5%) 2.333%, 01/27/05 (c) 25,000 25,000 1.859%, 01/28/05 (c) 30,000 29,999 2.001%, 05/16/05 (c) 25,000 24,998 -------- 79,997 -------- FEDERAL HOME LOAN BANK (15.4%) 2.338%, 12/15/04 (c) 25,000 25,000 2.328%, 12/17/04 (c) 50,000 49,999 1.200%, 04/01/05 10,000 9,999
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- FEDERAL HOME LOAN BANK--CONTINUED 1.400%, 04/01/05, Callable 03/08/05 @ 100 $10,000 $ 10,000 2.125%, 09/15/05 10,000 9,993 2.001%, 09/16/05 (c) 25,000 24,993 -------- 129,984 -------- FREDDIE MAC (11.2%) 1.070%, 12/06/04 (b) 10,000 9,998 1.520%, 12/24/04 15,000 15,000 1.711%, 12/31/04 (b) 25,000 24,964 2.020%, 06/27/05 (b) 15,000 14,828 2.255%, 09/20/05 (b) 10,000 9,821 2.802%, 11/15/05 (b) 20,000 19,471 -------- 94,082 -------- Total U.S. Government Agencies (Cost $676,944) 676,944 -------- REPURCHASE AGREEMENTS (19.6%) Lehman Brothers, 1.985%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $45,745,748 (collateralized by FNMA obligations; total market value $46,662,192) 45,743 45,743 Merrill Lynch, 1.995%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $69,531,614 (collateralized by GNMA obligations; total market value $70,921,223) 69,528 69,528
30 (Unaudited)
- ------------------------------------------------------- Principal Amount Value - ------------------------------------------------------- REPURCHASE AGREEMENTS--CONTINUED UBS Warburg, 1.995%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $49,770,164 (collateralized by FNMA obligations; total market value $50,764,803) $49,767 $ 49,767 -------- Total Repurchase Agreements (Cost $165,038) 165,038 -------- Total Investments (Cost $841,982) (a) -- 100.1% 841,982 Liabilities in excess of other assets -- (0.1)% (465) -------- Net Assets -- 100.0% $841,517 ========
See notes to schedules of portfolio investments and notes to financial statements. 31 SCHEDULE OF PORTFOLIO INVESTMENTS STI CLASSIC FUNDS November 30, 2004 (Amounts in thousands, except shares) CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ U.S. TREASURY OBLIGATIONS (10.2%) U.S. TREASURY BILLS (2.3%) 2.220%, 02/24/05 (b) $ 50,000 $ 49,746 ---------- U.S. TREASURY NOTES (7.9%) 6.750%, 05/15/05 90,000 91,980 5.750%, 11/15/05 75,000 77,450 ---------- 169,430 ---------- Total U.S. Treasury Obligations (Cost $219,176) 219,176 ---------- REPURCHASE AGREEMENTS (89.9%) ABN Amro, 1.905%, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $464,877,865 (collateralized by U.S. Treasury obligations; total market value $474,150,950) 464,853 464,853 Bear Stearns, 1.855% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $70,399,558 (collateralized by U.S. Treasury obligations; total market value $73,809,658) 70,396 70,396 BNP Paribas, 1.905% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $104,207,308 (collateralized by U.S. Treasury obligations; total market value $106,285,897) 104,202 104,202
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ REPURCHASE AGREEMENTS--CONTINUED Deutsche Bank, 1.905% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $105,739,983 (collateralized by U.S. Treasury obligations; total market value $107,849,738) $105,734 $ 105,734 Dresdner Bank, 1.875% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $105,680,767 (collateralized by U.S. Treasury obligations; total market value $107,796,859) 105,681 105,681 Greenwich Capital, 1.905% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $105,916,801 (collateralized by U.S. Treasury obligations; total market value $108,031,733) 105,911 105,911 JPMorgan, 1.875% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $104,853,397 (collateralized by U.S. Treasury obligations; total market value $106,945,441) 104,848 104,848
32 (Unaudited)
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ REPURCHASE AGREEMENTS--CONTINUED Lehman Brothers, 1.915% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $105,374,766 (collateralized by U.S. Treasury obligations; total market value $107,478,286) $105,369 $ 105,369 Merrill Lynch, 1.885% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $72,249,632 (collateralized by U.S. Treasury obligations; total market value $73,690,816) 72,246 72,246 Morgan Stanley Dean Witter, 1.875% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $105,406,378 (collateralized by U.S. Treasury obligations; total market value $107,509,230) 105,401 105,401
- ------------------------------------------------------ Principal Amount Value - ------------------------------------------------------ REPURCHASE AGREEMENTS--CONTINUED Salomon Smith Barney, 1.895, dated 11/30/04, to be repurchased on 12/01/04, repurchase price $105,903,637 (collateralized by U.S. Treasury obligations; total market value $108,061,881) $105,898 $ 105,898 UBS Warburg, 1.915% dated 11/30/04, to be repurchased on 12/01/04, repurchase price $480,074,030 (collateralized by U.S. Treasury obligations; total market value $489,652,906) 480,048 480,049 ---------- Total Repurchase Agreements (Cost $1,930,588) 1,930,588 ---------- Total Investments (Cost $2,149,764) (a) -- 100.1% 2,149,764 Liabilities in excess of other assets -- (0.1)% (2,983) ---------- Net Assets -- 100.0% $2,146,781 ==========
See notes to schedules of portfolio investments and notes to financial statements. 33 STI CLASSIC FUNDS NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS (a) See notes to financial statements for unrealized appreciation/(depreciation) of securities on a tax basis. (b) Rate represents the effective yield at purchase. (c) Variable rate security. Rate presented represents rate in effect at November 30, 2004. Maturity date represents actual maturity date. (d) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (e) This security or a partial position of the security was on loan at November 30, 2004. The total value of securities on loan at November 30, 2004 in thousands was $995 for the Classic Institutional Short-Term Bond Fund. (f) This security was purchased with cash collateral held from securities lending. The following abbreviations are used in these Schedules of Portfolio Investments: AMT Alternative Minimum Tax Paper GO General Obligation REIT Real Estate Investment Trust AMBAC Security insured by the American Municipal Bond Assurance Corporation FGIC Security insured by the Financial Guaranty Insurance Company. FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association FSA Security insured by Financial Security Assurance. GNMA Government National Mortgage Association MBIA Security insured by the Municipal Bond Insurance Association. RB Revenue Bond RN Revenue Note MTN Medium Term Note
34 (This page intentionally left blank) 35 STATEMENTS OF ASSETS AND LIABILITIES (000) STI CLASSIC FUNDS November 30, 2004
Classic Institutional Classic High Institutional Quality Short-Term Bond Fund Bond Fund ------------- ------------- Assets: Investments, at Value...................................... $170,489 $34,488 Repurchase Agreements, at Cost............................. 18,239 -- -------- ------- Total Investments (Cost $188,301, $34,739, $232,954, $96,781, $96,775, $2,561,684, $841,982, and $2,149,764, respectively)............................................ 188,728 34,488 -------- ------- Interest and Dividends Receivable.......................... 815 312 Receivable for Investment Securities Sold.................. 65,925 -- Deferred Organization Costs................................ 8 -- Prepaid Expenses and Other Assets.......................... 6 1 -------- ------- Total Assets............................................... 255,482 34,801 -------- ------- Liabilities: Income Distributions Payable............................... 319 68 Payable for Investment Securities Purchased................ 83,306 -- Payable for Paid in Capital Shares Redeemed................ -- -- Payable upon Return of Securities Loaned................... -- 1,020 Investment Advisory Fees Payable........................... 56 10 Administration Fees Payable................................ 4 1 Distribution and Service Fees.............................. 38 -- Custodian Fees Payable..................................... 2 1 Accrued Expenses........................................... 16 -- -------- ------- Total Liabilities.......................................... 83,741 1,100 -------- ------- Total Net Assets........................................... $171,741 $33,701 ======== ======= Net Assets: Capital.................................................... $172,391 $33,917 Undistributed (Distributions in Excess of) Net Investment Income................................................... 58 7 Accumulated Net Realized Gains (Losses) on Investment Transactions............................................. (1,135) 28 Net Unrealized Appreciation (Depreciation) on Investments.............................................. 427 (251) -------- ------- Total Net Assets........................................... $171,741 $33,701 ======== ======= NET ASSETS: Institutional Shares....................................... $ 45,172 $33,701 Corporate Trust Shares..................................... N/A N/A T Shares................................................... $126,569 N/A L Shares................................................... N/A N/A SHARES OUTSTANDING: Institutional Shares....................................... 4,524 3,369 Corporate Trust Shares..................................... N/A N/A T Shares................................................... 12,676 N/A L Shares................................................... N/A N/A NET ASSET VALUE OFFERING AND REDEMPTION PRICE PER SHARE: Institutional Shares....................................... $ 9.98 $ 10.00 Corporate Trust Shares..................................... N/A N/A T Shares................................................... $ 9.98 N/A L Shares*.................................................. N/A N/A
Amounts designated as "--" are $0 or have been rounded to $0. * Redemption Price Per Share Varies by Length of Time Shares are Held. 36 (Unaudited)
Classic Classic Classic Classic Classic Institutional Institutional Classic Institutional Institutional Institutional U.S. Government Cash Institutional U.S. Treasury Super Short Total Securities Super Management U.S. Government Securities Income Plus Return Short Income Money Securities Money Money Fund Bond Fund Plus Fund Market Fund Market Fund Market Fund - ------------- ------------- ---------------- ------------- ---------------- ------------- $228,584 $79,090 $91,601 $2,420,759 $676,944 $ 219,176 3,847 17,931 4,954 140,925 165,038 1,930,588 -------- ------- ------- ---------- -------- ---------- 232,431 97,021 96,555 2,561,684 841,982 2,149,764 -------- ------- ------- ---------- -------- ---------- 958 691 286 4,024 1,113 3,406 -- 8,757 -- -- -- -- -- 8 -- -- -- -- 9 2 4 83 30 64 -------- ------- ------- ---------- -------- ---------- 233,398 106,479 96,845 2,565,791 843,125 2,153,234 -------- ------- ------- ---------- -------- ---------- 375 196 173 3,803 1,113 2,820 565 21,376 10 412 274 2,915 -- -- 80 -- -- -- -- -- -- -- -- -- 38 19 10 287 128 329 5 1 2 60 18 47 34 13 4 -- -- 262 4 1 2 24 8 17 17 8 10 137 67 63 -------- ------- ------- ---------- -------- ---------- 1,038 21,614 291 4,723 1,608 6,453 -------- ------- ------- ---------- -------- ---------- $232,360 $84,865 $96,554 $2,561,068 $841,517 $2,146,781 ======== ======= ======= ========== ======== ========== $233,551 $85,462 $97,526 $2,561,068 $841,517 $2,146,644 152 38 123 (3) -- (364) (820) (875) (875) 3 -- 501 (523) 240 (220) -- -- -- -------- ------- ------- ---------- -------- ---------- $232,360 $84,865 $96,554 $2,561,068 $841,517 $2,146,781 ======== ======= ======= ========== ======== ========== $ 86,259 $48,216 $79,274 $2,561,068 $841,517 $ 585,836 N/A N/A N/A N/A N/A $1,560,945 $146,101 $36,649 N/A N/A N/A N/A N/A N/A $17,280 N/A N/A N/A 43,029 4,794 39,685 2,561,068 841,517 585,773 N/A N/A N/A N/A N/A 1,560,871 73,201 3,643 N/A N/A N/A N/A N/A N/A 1,741 N/A N/A N/A $ 2.00 $ 10.06 $ 2.00 $ 1.00 $ 1.00 $ 1.00 N/A N/A N/A N/A N/A $ 1.00 $ 2.00 $ 10.06 N/A N/A N/A N/A N/A N/A $ 9.93 N/A N/A N/A
See notes to financial statements. 37 STATEMENTS OF OPERATIONS (000) STI CLASSIC FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited)
Classic Classic Classic Classic Classic Institutional Institutional Institutional Classic Institutional Institutional U.S. Government Cash High Institutional Super Short Total Securities Super Management Quality Short-Term Income Plus Return Short Income Money Bond Fund Bond Fund Fund Bond Fund Plus Fund Market Fund ------------- ------------- ------------- ------------- ---------------- ------------- Investment Income: Dividend Income.............. $ 11 $ 7 $ 2 $ 2 $ 2 $ -- Interest Income.............. 2,393 449 2,632 1,144 1,230 21,168 Security Lending Income...... -- 5 -- -- -- -- ------- ---- ------ ------ ------ ------- Total Investment Income...... 2,404 461 2,634 1,146 1,232 21,168 ------- ---- ------ ------ ------ ------- Expenses: Investment Advisory Fees..... 391 104 601 115 218 2,657 Administration Fees.......... 30 7 48 10 22 525 Shareholder Services Fees -- Institutional Shares....... 45 43 122 18 106 -- Shareholder Service Fees -- Corporate Trust............ Shareholder Services Fees -- T Shares................... 240 178 57 Distribution and Service Fees -- L Shares........... 48 Custodian Fees............... 2 1 5 1 2 32 Professional Fees............ 3 -- 4 1 2 45 Insurance Fees............... 1 -- 2 -- 1 25 Registration Fees............ -- 1 4 -- 2 44 Transfer Agent Fees.......... 8 3 11 6 5 67 Printing Fees................ 3 1 4 1 2 42 Trustees' Fees............... 1 -- 1 -- -- 12 Other Fees................... 4 -- 2 1 4 39 ------- ---- ------ ------ ------ ------- Total Expenses............... 728 160 982 210 412 3,488 Less: Investment Advisory Fees Waived................ (78) (43) (361) (25) (153) (736) Less: Administration Fees Waived..................... -- -- -- -- -- (78) Less: Shareholder Service Fees Waived -- Institutional Shares..................... (13) (43) (102) (8) (106) -- Less: Shareholder Service Fees Waived -- T Shares.... (25) (10) (9) Less: Distribution and Service Fees Waived -- L Shares..................... (17) Expense Offset -- Insurance Premiums................... (1) -- (1) -- (1) (14) ------- ---- ------ ------ ------ ------- Net Expenses................. 611 74 508 168 135 2,660 ------- ---- ------ ------ ------ ------- Net Investment Income (Loss)..................... 1,793 387 2,126 978 1,097 18,508 ------- ---- ------ ------ ------ ------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Investments Sold........... (1,296) (28) (209) (651) (118) 3 Net Change in Unrealized Appreciation (Depreciation) on Investments............. 3,309 (37) (105) 1,725 (76) -- ------- ---- ------ ------ ------ ------- Total Net Realized and Unrealized Gain (Loss) on Investments................ 2,013 (65) (314) 1,074 (194) 3 ------- ---- ------ ------ ------ ------- Net Increase (Decrease) in Net Assets from Operations....... $ 3,806 $322 $1,812 $2,052 $ 903 $18,511 ======= ==== ====== ====== ====== ======= Classic Classic Institutional Institutional U.S. Treasury U.S. Government Securities Securities Money Money Market Fund Market Fund ---------------- ------------- Investment Income: Dividend Income.............. $ -- $ -- Interest Income.............. 6,776 13,697 Security Lending Income...... -- -- ------ ------- Total Investment Income...... 6,776 13,697 ------ ------- Expenses: Investment Advisory Fees..... 874 1,867 Administration Fees.......... 175 370 Shareholder Services Fees -- Institutional Shares....... -- -- Shareholder Service Fees -- Corporate Trust............ 1,412 Shareholder Services Fees -- T Shares................... Distribution and Service Fees -- L Shares........... Custodian Fees............... 10 22 Professional Fees............ 15 32 Insurance Fees............... 8 17 Registration Fees............ 14 31 Transfer Agent Fees.......... 24 51 Printing Fees................ 14 30 Trustees' Fees............... 4 8 Other Fees................... 40 28 ------ ------- Total Expenses............... 1,178 3,868 Less: Investment Advisory Fees Waived................ (42) (105) Less: Administration Fees Waived..................... (27) (55) Less: Shareholder Service Fees Waived -- Institutional Shares..................... -- -- Less: Shareholder Service Fees Waived -- T Shares.... Less: Distribution and Service Fees Waived -- L Shares..................... Expense Offset -- Insurance Premiums................... (4) (10) ------ ------- Net Expenses................. 1,105 3,698 ------ ------- Net Investment Income (Loss)..................... 5,671 9,999 ------ ------- Net Realized and Unrealized Gain (Loss) on Investments: Net Realized Gain (Loss) on Investments Sold........... -- (241) Net Change in Unrealized Appreciation (Depreciation) on Investments............. -- -- ------ ------- Total Net Realized and Unrealized Gain (Loss) on Investments................ -- (241) ------ ------- Net Increase (Decrease) in Net Assets from Operations....... $5,671 $ 9,758 ====== =======
Amounts designated as "--" are $0 or have been rounded to $0. See notes to financial statements. 38 (This page intentionally left blank) 39 STATEMENTS OF CHANGES IN NET ASSETS (000) STI CLASSIC FUNDS For the Six Month Period Ended November 30, 2004 and the Year Ended May 31, 2004
Classic Institutional Classic Institutional Classic Institutional High Quality Short-Term Super Short Income Bond Fund Bond Fund Plus Fund ----------------------- ---------------------- ---------------------- 06/01/04- 10/27/03*- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 --------- ---------- --------- --------- --------- --------- Operations: Net Investment Income (Loss).............. $ 1,793 $ 1,023 $ 387 $ 513 $ 2,126 $ 3,821 Net Realized Gain (Loss) on Investments Sold.................................... (1,296) 197 (28) 91 (209) (460) Net Change in Unrealized Appreciation (Depreciation) on Investments........... 3,309 (2,882) (37) (557) (105) (1,377) -------- -------- -------- ------- -------- --------- Net Increase (Decrease) in Net Assets from Operations.............................. 3,806 (1,662) 322 47 1,812 1,984 -------- -------- -------- ------- -------- --------- Dividends and Distributions to Shareholders: Net Investment Income: Institutional Shares.................... (425) (267) (381) (512) (850) (2,161) Corporate Trust Shares.................. T Shares................................ (1,313) (789) (1,124) (1,656) L Shares................................ Net Realized Gains: Institutional Shares.................... -- -- -- (159) -- -- Corporate Trust Shares.................. -------- -------- -------- ------- -------- --------- Total Dividends and Distributions....... (1,738) (1,056) (381) (671) (1,974) (3,817) -------- -------- -------- ------- -------- --------- Capital Transactions: Proceeds from Shares Issued............... 51,159 143,028 15,265 24,777 54,400 306,078 Reinvestment of Cash Distributions........ 372 229 227 401 359 703 Cost of Shares Redeemed................... (16,146) (6,251) (17,341) (9,722) (72,077) (271,495) -------- -------- -------- ------- -------- --------- Increase (Decrease) in Net Assets from Capital Transactions.................... 35,385 137,006 (1,849) 15,456 (17,318) 35,286 -------- -------- -------- ------- -------- --------- Total Increase (Decrease) in Net Assets................................ 37,453 134,288 (1,908) 14,832 (17,480) 33,453 -------- -------- -------- ------- -------- --------- Net Assets: Beginning of Period....................... 134,288 -- 35,609 20,777 249,840 216,387 -------- -------- -------- ------- -------- --------- End of Period............................. $171,741 $134,288 $ 33,701 $35,609 $232,360 $ 249,840 ======== ======== ======== ======= ======== ========= Undistributed (distributions in excess of) net investment income, end of period...... $ 58 $ 3 $ 7 $ 1 $ 152 $ -- ======== ======== ======== ======= ======== ========= Classic Institutional Total Return Bond Fund ----------------------- 06/01/04- 10/15/03*- 11/30/04 05/31/04 --------- ---------- Operations: Net Investment Income (Loss).............. $ 978 $ 569 Net Realized Gain (Loss) on Investments Sold.................................... (651) (186) Net Change in Unrealized Appreciation (Depreciation) on Investments........... 1,725 (1,485) -------- ------- Net Increase (Decrease) in Net Assets from Operations.............................. 2,052 (1,102) -------- ------- Dividends and Distributions to Shareholders: Net Investment Income: Institutional Shares.................... (344) (255) Corporate Trust Shares.................. T Shares................................ (596) (352) L Shares................................ Net Realized Gains: Institutional Shares.................... -- -- Corporate Trust Shares.................. -------- ------- Total Dividends and Distributions....... (940) (607) -------- ------- Capital Transactions: Proceeds from Shares Issued............... 54,365 52,599 Reinvestment of Cash Distributions........ 829 577 Cost of Shares Redeemed................... (18,931) (3,977) -------- ------- Increase (Decrease) in Net Assets from Capital Transactions.................... 36,263 49,199 -------- ------- Total Increase (Decrease) in Net Assets................................ 37,375 47,490 -------- ------- Net Assets: Beginning of Period....................... 47,490 -- -------- ------- End of Period............................. $ 84,865 $47,490 ======== ======= Undistributed (distributions in excess of) net investment income, end of period...... $ 38 $ -- ======== =======
* Commencement of Operations. Amounts designated as "--" are either $0 or have been rounded to $0. 40 (Unaudited)
Classic Institutional U.S. Classic Institutional Classic Institutional Classic Institutional Government Securities Super Cash Management U.S. Government Securities U.S. Treasury Securities Short Income Plus Fund Money Market Fund Money Market Fund Money Market Fund - --------------------------- ------------------------- --------------------------- ------------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 --------- ------------ ----------- ----------- ------------ ------------ ----------- ----------- $ 1,097 $ 1,569 $ 18,508 $ 23,681 $ 5,671 $ 8,014 $ 9,999 $ 11,209 (118) (257) 3 81 -- 3 (241) 1,300 (76) (560) -- -- -- -- -- -- -------- --------- ----------- ----------- ----------- ----------- ----------- ----------- 903 752 18,511 23,762 5,671 8,017 9,758 12,509 -------- --------- ----------- ----------- ----------- ----------- ----------- ----------- (789) (1,347) (18,590) (23,681) (5,674) (8,014) (2,838) (3,696) (7,520) (7,522) (187) (559) -- -- -- (15) -- -- -- (280) -- (903) -------- --------- ----------- ----------- ----------- ----------- ----------- ----------- (976) (1,906) (18,590) (23,696) (5,674) (8,014) (10,358) (12,401) -------- --------- ----------- ----------- ----------- ----------- ----------- ----------- 31,131 147,387 4,139,708 7,415,918 1,410,140 2,512,598 3,082,302 6,294,869 490 1,076 8,824 14,226 2,025 2,820 1,440 2,922 (50,513) (150,825) (3,956,234) (8,047,111) (1,428,905) (2,697,227) (2,735,860) (6,450,650) -------- --------- ----------- ----------- ----------- ----------- ----------- ----------- (18,892) (2,362) 192,298 (616,967) (16,740) (181,809) 347,882 (152,859) -------- --------- ----------- ----------- ----------- ----------- ----------- ----------- (18,965) (3,516) 192,219 (616,901) (16,743) (181,806) 347,282 (152,751) -------- --------- ----------- ----------- ----------- ----------- ----------- ----------- 115,519 119,035 2,368,849 2,985,750 858,260 1,040,066 1,799,499 1,952,250 -------- --------- ----------- ----------- ----------- ----------- ----------- ----------- $ 96,554 $ 115,519 $ 2,561,068 $ 2,368,849 $ 841,517 $ 858,260 $ 2,146,781 $ 1,799,499 ======== ========= =========== =========== =========== =========== =========== =========== $ 123 $ 2 $ (3) $ 79 $ -- $ 3 $ (364) $ (5) ======== ========= =========== =========== =========== =========== =========== ===========
See notes to financial statements. 41 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Value, Net and Unrealized Dividends from Beginning of Investment Gains (Losses) Total From Net Investment Period Income (Loss) on Investments Operations Income ------------ ------------- --------------- ---------- -------------- CLASSIC INSTITUTIONAL HIGH QUALITY BOND FUND Institutional Shares 2004* $ 9.84 $0.12 $ 0.14 $ 0.26 $(0.12) 2004 (a) 10.00 0.12++ (0.16)++ (0.04) (0.12) T Shares 2004* $ 9.84 $0.11 $ 0.14 $ 0.25 $(0.11) 2004 (b) 10.00 0.11++ (0.16)++ (0.05) (0.11) CLASSIC INSTITUTIONAL SHORT-TERM BOND FUND Institutional Shares 2004* $10.02 $0.10 $(0.01) $ 0.09 $(0.11) 2004 10.24 0.19++ (0.15)++ 0.04 (0.19) 2003 10.03 0.24 0.36 0.60 (0.24) 2002 (c) 10.00 0.01 0.03 0.04 (0.01) CLASSIC INSTITUTIONAL SUPER SHORT INCOME PLUS FUND Institutional Shares 2004* $ 2.01 $0.02 $ -- $ 0.02 $(0.03) 2004 2.02 0.03++ (0.01)++ 0.02 (0.03) 2003 2.00 0.04 0.02 0.06 (0.04) 2002 (d) 2.00 0.01 -- 0.01 (0.01) T Shares 2004* $ 2.00 $0.02 $ -- $ 0.02 $(0.02) 2004 2.01 0.03++ (0.01)++ 0.02 (0.03) 2003 (e) 2.02 0.02 (0.01) 0.01 (0.02) CLASSIC INSTITUTIONAL TOTAL RETURN BOND FUND Institutional Shares 2004* $ 9.81 $0.19 $ 0.25 $ 0.44 $(0.19) 2004 (f) 10.00 0.19++ (0.18)++ 0.01 (0.20) T Shares 2004* $ 9.81 $0.18 $ 0.25 $ 0.43 $(0.18) 2004 (g) 10.20 0.11++ (0.38)++ (0.27) (0.12) CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES SUPER SHORT INCOME PLUS FUND Institutional Shares 2004* $ 2.00 $0.02 $ -- $ 0.02 $(0.02) 2004 2.01 0.03++ (0.01)++ 0.02 (0.03) 2003 2.00 0.04 0.01 0.05 (0.04) 2002 (h) 2.00 0.01 -- 0.01 (0.01) L Shares 2004* $ 9.93 $0.08 $ -- $(0.08) $(0.08) 2004 10.01 0.10++ (0.05)++ 0.05 (0.13) 2003 (i) 10.00 0.02 (0.01) 0.03 (0.02) Distributions Total from Realized Dividends and Capital Gains Distributions ---------------- ------------- CLASSIC INSTITUTIONAL Institutional Shares $ -- $(0.12) -- (0.12) T Shares $ -- $(0.11) -- (0.11) CLASSIC INSTITUTIONAL Institutional Shares $ -- $(0.11) (0.07) (0.26) (0.15) (0.39) -- (0.01) CLASSIC INSTITUTIONAL Institutional Shares $ -- $(0.03) -- (0.03) --** (0.04) -- (0.01) T Shares $ -- $(0.02) -- (0.03) --** (0.02) CLASSIC INSTITUTIONAL Institutional Shares $ -- $(0.19) -- (0.20) T Shares $ -- $(0.18) -- (0.12) CLASSIC INSTITUTIONAL Institutional Shares $ -- $(0.02) -- (0.03) --** (0.04) -- (0.01) L Shares $ -- $(0.08) -- (0.13) -- (0.02)
42
Ratio of Net Ratio of Expenses to Net Assets Net Assets, Ratio of Net Investment Income Average Net Assets Portfolio Value, End Total End of Expenses to (Loss) to Average (Excluding Waivers Turnover of Period Return+ Period (000) Average Net Assets Net Assets and Reimbursements) Rate - ---------- ------- ------------ ------------------ ------------------ -------------------- --------- $ 9.98 2.62% $ 45,172 0.65% 2.38% 0.81% 72% 9.84 (0.37) 25,506 0.65 2.09 0.92 31 $ 9.98 2.53% $126,569 0.82% 2.25% 0.96% 72% 9.84 (0.52) 108,782 0.82 2.00 1.04 31 $10.00 0.91% $ 33,701 0.43% 2.23% 0.93% 36% 10.02 0.48 35,609 0.50 1.90 1.00 70 10.24 6.08 20,777 0.52 2.32 1.02 146 10.03 0.41 16,176 0.57 2.60 1.07 -- $ 2.00 0.38% $ 86,259 0.31% 1.87% 0.82% 16% 2.01 1.01 112,453 0.31 1.50 0.86 83 2.02 3.10 146,590 0.31 1.84 0.86 56 2.00 0.30 33,730 0.36 2.44 0.91 30 $ 2.00 0.79% $146,101 0.50% 1.69% 0.81% 16% 2.00 0.81 137,387 0.51 1.31 0.86 83 2.01 0.64 69,797 0.57 1.43 0.92 56 $10.06 4.51% $ 48,216 0.54% 3.88% 0.73% 165% 9.81 0.03 15,553 0.56 3.05 0.90 121 $10.06 4.42% $ 36,649 0.72% 3.77% 0.87% 165% 9.81 (2.69) 31,937 0.72 2.96 1.03 121 $ 2.00 0.93% $ 79,274 0.18% 2.05% 0.71% 35% 2.00 1.01 77,360 0.24 1.25 0.77 109 2.01 2.80 95,277 0.23 1.76 0.76 87 2.00 0.32 28,138 0.30 2.42 0.83 34 $ 9.93 0.79% $ 17,280 0.47% 1.77% 0.89% 35% 9.93 0.47 38,159 0.47 1.01 0.94 109 10.01 0.27 23,758 0.47 0.99 1.06 87
See notes to financial highlights and notes to financial statements. 43 FINANCIAL HIGHLIGHTS STI CLASSIC FUNDS For the Six Month Period Ended November 30, 2004 (Unaudited) and the Periods Ended May 31, For a Share Outstanding Throughout Each Year or Period
Net Asset Net Realized Value, Net and Unrealized Dividends from Beginning of Investment Gains (Losses) Total From Net Investment Period Income (Loss) on Investments Operations Income ------------ ------------- --------------- ---------- -------------- CLASSIC INSTITUTIONAL CASH MANAGEMENT MONEY MARKET FUND Institutional Shares 2004* $1.00 $ 0.01 $ -- $0.01 $(0.01) 2004 1.00 0.01 -- 0.01 (0.01) 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.03 -- 0.03 (0.03) 2001 1.00 0.06 -- 0.06 (0.06) 2000 1.00 0.05 -- 0.05 (0.05) CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES MONEY MARKET FUND Institutional Shares 2004* $1.00 $ 0.01 $ -- $0.01 $(0.01) 2004 1.00 0.01 -- 0.01 (0.01) 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.03 -- 0.03 (0.03) 2001 1.00 0.06 -- 0.06 (0.06) 2000 1.00 0.05 -- 0.05 (0.05) CLASSIC INSTITUTIONAL U.S. TREASURY SECURITIES MONEY MARKET FUND Institutional Shares 2004* $1.00 $ 0.01 $ -- $0.01 $(0.01) 2004 1.00 0.01 -- 0.01 (0.01) 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.02 -- 0.02 (0.02) 2001 1.00 0.06 -- 0.06 (0.06) 2000 1.00 0.05 -- 0.05 (0.05) Corporate Trust Shares 2004* $1.00 $ --** $ -- $ --** $(0.01) 2004 1.00 0.01 -- 0.01 (0.01) 2003 1.00 0.01 -- 0.01 (0.01) 2002 1.00 0.02 -- 0.02 (0.02) 2001 1.00 0.05 -- 0.05 (0.05) 2000 (j) 1.00 0.05 -- 0.05 (0.05) Distributions Total from Realized Dividends and Capital Gains Distributions ---------------- ------------- CLASSIC INSTITUTIONAL Institutional Shares $ -- $(0.01) --** (0.01) -- (0.01) -- (0.03) -- (0.06) -- (0.05) CLASSIC INSTITUTIONAL Institutional Shares $ -- $(0.01) -- (0.01) -- (0.01) -- (0.03) -- (0.06) -- (0.05) CLASSIC INSTITUTIONAL Institutional Shares $ -- $(0.01) --** (0.01) --** (0.01) -- (0.02) -- (0.06) -- (0.05) Corporate Trust Share $ -- $(0.01) --** (0.01) --** (0.01) -- (0.02) -- (0.05) -- (0.05)
44
Net Assets Net Assets, Ratio of Net Net Investment Average Net Assets Value, End Total End of Expenses to Income (Loss) to (Excluding Waivers of Period Return+ Period (000) Average Net Assets Average Net Assets and Reimbursements) - ----------- ------- ------------ ------------------ ------------------ ------------------- $1.00 0.70% $2,561,068 0.20% 1.39% 0.26% 1.00 0.86 2,368,849 0.25 0.86 0.29 1.00 1.46 2,985,750 0.25 1.45 0.29 1.00 2.68 3,409,606 0.25 2.61 0.29 1.00 6.13 3,229,400 0.25 5.91 0.30 1.00 5.56 2,311,685 0.25 5.42 0.30 $1.00 0.65% $ 841,517 0.26% 1.28% 0.28% 1.00 0.82 858,260 0.27 0.82 0.29 1.00 1.40 1,040,066 0.26 1.39 0.29 1.00 2.61 1,025,714 0.27 2.49 0.30 1.00 5.98 896,189 0.26 5.72 0.29 1.00 5.39 650,626 0.25 5.27 0.29 $1.00 0.63% $ 585,836 0.24% 1.21% 0.26% 1.00 0.77 420,948 0.26 0.71 0.29 1.00 1.30 653,340 0.26 1.23 0.29 1.00 2.28 551,599 0.26 2.25 0.30 1.00 5.74 580,227 0.27 5.44 0.30 1.00 5.25 329,725 0.25 5.17 0.31 $1.00 0.52% $1,560,945 0.44% 1.02% 0.46% 1.00 0.57 1,378,551 0.46 0.51 0.49 1.00 1.10 1,298,910 0.46 1.05 0.49 1.00 2.08 1,805,066 0.46 2.11 0.50 1.00 5.53 1,303,630 0.46 5.38 0.50 1.00 5.02 1,138,541 0.45 4.93 0.49
See notes to financial highlights and notes to financial statements. 45 NOTES TO FINANCIAL HIGHLIGHTS + Returns are for the period indicated and have not been annualized. ++ Per share data calculated using average shares method. * For the six months ended November 30, 2004. All ratios for the period have been annualized. ** Amount less than $0.005. (a) Commenced operations on October 27, 2003. All ratios for the period have been annualized. (b) Commenced operations on November 13, 2003. All ratios for the period have been annualized. (c) Commenced operations on May 14, 2002. All ratios for the period have been annualized. (d) Commenced operations on April 15, 2002. All ratios for the period have been annualized. (e) Commenced operations on October 3, 2002. All ratios for the period have been annualized. (f) Commenced operations on October 15, 2003. All ratios for the period have been annualized. (g) Commenced operations on January 14, 2004. All ratios for the period have been annualized. (h) Commenced operations on April 11, 2002. All ratios for the period have been annualized. (i) Commenced operations on April 16, 2003. All ratios for the period have been annualized. (j) Commenced operations on June 3, 1999. All ratios for the period have been annualized. Amounts designated as "--" are either $0 or have been rounded to $0. 46 NOTES TO FINANCIAL STATEMENTS STI CLASSIC FUNDS November 30, 2004 (Unaudited) 1. Organization The STI Classic Funds (the "Trust") was organized as a Massachusetts business trust under a Declaration of Trust dated January 15, 1992. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company offering 45 funds as of November 30, 2004. The financial statements presented herein are those of the Classic Institutional High Quality Bond Fund, the Classic Institutional Short-Term Bond Fund, the Classic Institutional Super Short Income Plus Fund, the Classic Institutional Total Return Bond Fund, the Classic Institutional U.S. Government Securities Super Short Income Plus Fund, the Classic Institutional Cash Management Money Market Fund, the Classic Institutional U.S. Government Securities Money Market Fund and the Classic Institutional U.S. Treasury Securities Money Market Fund (each a "Fund" and collectively the "Funds"). The Funds may offer the following share classes: Institutional shares, T shares, Corporate Trust shares and L shares. The financial statements of the remaining funds are presented separately. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Funds' prospectus provides a description of the Funds' investment objectives, policies and strategies. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote. 2. Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The actual results could differ from these estimates. Security Valuation -- Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds' administrator shall seek to obtain a bid price from at least one independent broker. Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Board. The Funds' Fair Value Procedures will be performed an monitored by a Fair Value 47 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS November 30, 2004 Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include, but are not limited to: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Security Transactions and Investment Income -- Security transactions are accounted for no later than one business day after trade date. However, for financial reporting purposes, security transactions are reported on trade date. Interest income is recognized on an accrual basis. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold adjusted for the accretion or amortization of purchase discounts or premiums during the respective holding period. Repurchase Agreements -- In connection with transactions involving repurchase agreements, a third party custodian bank takes possession of the underlying securities ("collateral"), the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. In the event of default on the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. Redemption Fees -- The Funds may charge a redemption fee up to 2% of redemption proceeds, which will automatically be paid to the Fund. There were no redemption fees for the six months ended November 30, 2004. Expenses -- Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis. Classes -- Income, non-class specific expenses and realized/unrealized gains and losses are allocated to the respective classes on the basis of the relative daily net assets. Dividends and Distributions to Shareholders -- Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income of each of the Funds are declared daily and paid monthly. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. 48 (Unaudited) Compensating Balances -- If a Fund has a cash overdraft in excess of $100,000 it is required to leave 110% in compensating balance with SunTrust Bank (the "Custodian"), a wholly-owned subsidiary of SunTrust Banks, Inc., on the following day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw 90% of the balance with the Custodian on the following business day. 3. Agreements and Other Transactions with Affiliates Investment Advisory Agreement -- The Trust and Trusco Capital Management, Inc. (the "Investment Adviser"), a wholly owned subsidiary of SunTrust Banks, Inc., have entered into advisory agreements dated June 15, 1993, and last amended November 12, 2003. Under terms of the agreement, the Funds are charged the following annual fees based upon average daily net assets:
Maximum Annual Net Advisory Fees Fee Paid -------- ---- Classic Institutional High Quality Bond Fund........................... 0.50% 0.40% Classic Institutional Short-Term Bond Fund................................ 0.60 0.35 Classic Institutional Super Short Income Plus Fund.................... 0.50 0.20 Classic Institutional Total Return Bond Fund........................... 0.45 0.35 Classic Institutional U.S. Government Securities Super Short Income Plus Fund................................ 0.40 0.09 Classic Institutional Cash Management Money Market Fund................... 0.20 0.14 Classic Institutional U.S. Government Securities Money Market Fund........ 0.20 0.19 Classic Institutional U.S. Treasury Securities Money Market Fund........ 0.20 0.19
The Investment Adviser has voluntarily agreed to waive all or a portion of its fees (and to reimburse Fund expenses). Fee waivers and expense reimbursements are voluntary and may be terminated at any time. Effective October 5, 2004, Trusco Capital Management, Inc. began providing an employee to serve as Chief Compliance Officer for the Trust and provide certain related services, and will receive an additional fee for this service. Administration, Fund Accounting and Transfer Agency Agreement -- The Trust and BISYS Fund Services Ohio, Inc. (the "Administrator") are parties to a Master Services Agreement dated July 24, 2004 under which the Administrator provides administrative, fund accounting and transfer agent services for an annual 49 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS November 30, 2004 fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.0275% up to $25 billion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion. Prior to July 24, 2004, SEI Investments Global Funds Services ("SEI") was the Administrator and provided administrative services for an annual fee (expressed as a percentage of the combined average daily net assets of the Trust and STI Classic Variable Trust) of: 0.12% up to $1 billion, 0.09% on the next $4 billion, 0.07% on the next $3 billion, 0.065% on the next $2 billion and 0.06% for over $10 billion. SEI had voluntarily agreed to waive all or a portion of their fees and to reimburse Fund expenses. BISYS Fund Services Ohio, Inc. has agreed to pay a total of $325,000 per annum towards the insurance premiums payable annually by the Trust. $300,000 will be paid towards the premium for the Trust's Directors and Officers Liability/Errors and Omissions Insurance Policy, and $25,000 will be paid towards the premium for the Trust's Fidelity Bond. Distribution and Service Agreements -- The Trust and BISYS Fund Services Limited Partnership (the "Distributor") are parties to a Distribution Agreement dated July 26, 2004. The Distributor will receive no fees for its distribution services under this agreement for the Institutional, Corporate Trust, and T Shares of any Fund. With respect to the L Shares of the Classic Institutional U.S. Government Securities Super Short Income Plus Fund the Distributor receives 0.40%, pursuant to a Distribution and Service Plan. The Fund is currently paying net fees of 0.30%. The Distributor has voluntarily agreed to waive all or a portion of its fees. Fee waivers are voluntary and may be terminated at any time. Shareholder Servicing Agreement -- The Classic Institutional U.S. Treasury Securities Money Market Fund has adopted a Shareholder Services Plan for the Corporate Trust Shares. The Fund pays SunTrust Bank ("SunTrust") a monthly shareholder services fee at an annual rate of up to 0.25% of the average daily net assets of the average daily net assets of the Fund's Corporate Trust Shares, which may be used by SunTrust to provide compensation to service providers that have agreed to provide shareholder support services for their customers who own Corporate Trust Shares of the Fund. The Fund is currently paying SunTrust an annual rate of 0.20%. The Classic Institutional High Quality Bond Fund, Classic Institutional Short-Term Bond, Classic Institutional Super Short Income Plus, Classic Institutional Total Return Bond Fund, and Classic Institutional U.S. Government Securities Super Short Income Plus Funds have adopted a Shareholder Services Plan whereby each Fund pays SunTrust a monthly shareholder services fee as outlined below, which may be used by SunTrust to provide compensation to service providers that have agreed to provide shareholder support services for their customers who own shares of the Fund. SunTrust has voluntarily agreed to waive all 50 (Unaudited) or a portion of its fees. These fee waivers are voluntary and may be terminated at any time.
Maximum Annual Shareholder Service Fee Net Fees Paid (Institutional (Institutional Shares) Shares) -------------- -------------- Classic Institutional High Quality Bond Fund........ 0.25% 0.18% Classic Institutional Short-Term Bond Fund..... 0.25 -- Classic Institutional Super Short Income Plus Fund... 0.25 0.04 Classic Institutional Total Return Bond Fund......... 0.25 0.11 Classic Institutional U.S. Government Securities Super Short Income Plus Fund..................... 0.25 --
Maximum Annual Shareholder Service Fee Net Fees Paid (T Shares) (T Shares) -------------- ------------- Classic Institutional High Quality Bond Fund........ 0.40% 0.36% Classic Institutional Super Short Income Plus Fund... 0.25 0.24 Classic Institutional Total Return Bond Fund......... 0.35 0.30
Transfer Agency Agreements -- The Trust and SunTrust Securities Inc. ("STS"), a wholly-owned subsidiary of SunTrust Banks, Inc., are parties to an agreement under which STS provides certain transfer agency account activity processing and servicing. The transfer agent shareholder service fees are based upon a monthly per account charge for the total shareholder accounts at the Trust's transfer agent. These fees are presented on the Statements of Operations as Transfer Agent Fees. Custodian Agreement -- SunTrust Bank acts as custodian for all of the Funds. Custodians are paid on the basis of net assets and transaction costs of the Funds. The custodians play no role in determining the investment policies of the Trust or which securities are to be purchased or sold in the Funds. Other -- Certain officers of the Trust are also officers of the Adviser, Administrator and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers of the Trust. The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc. which is a direct non-bank subsidiary of SunTrust Banks, Inc. to act as an agent in placing repurchase agreements for the Trust. For the six months ended November 30, 2004, the following Funds paid SunTrust Robinson Humphrey, through a reduction in the yield, earned by the Funds on those repurchase agreements (000):
Fees ---- Classic Institutional High Quality Bond Fund... $ 2 Classic Institutional Super Short Income Plus Fund......................................... 3 Classic Institutional Total Return Bond Fund... 1 Classic Institutional U.S. Government Securities Super Short Income Plus Fund...... 3 Classic Institutional Cash Management Money Market Fund.................................. 57 Classic Institutional U.S. Government Securities Money Market Fund................. 29 Classic Institutional U.S. Treasury Securities Money Market Fund............................ 368
4. Investment Transactions The cost of purchases and the proceeds from sales and maturities of securities, excluding short-term investments and U.S. Government securities, for 51 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS November 30, 2004 the six months ended November 30, 2004, were as follows:
Sales and Purchases Maturities (000) (000) --------- ---------- Classic Institutional High Quality Bond Fund.......................... $148,022 $35,877 Classic Institutional Short-Term Bond Fund............................... 3,480 5,167 Classic Institutional Super Short Income Plus Fund................... 15,224 25,960 Classic Institutional Total Return Bond Fund.......................... 32,043 27,436
The cost of purchases and proceeds from sales and maturities of U.S. Government securities, for the six months ended November 30, 2004, were as follows:
Sales and Purchases Maturities (000) (000) --------- ---------- Classic Institutional High Quality Bond Fund.......................... $164,734 $146,006 Classic Institutional Short-Term Bond Fund............................... 9,402 5,881 Classic Institutional Super Short Income Plus Fund................... 11,266 18,839 Classic Institutional Total Return Bond Fund.......................... 65,764 44,009 Classic Institutional U.S. Government Securities Super Short Income Plus Fund............................... 20,221 22,087
5. Federal Tax Policies and Information It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with applicable country's tax rules and rates. At November 30, 2004, the total cost of securities and the net realized gains or losses on securities sold for Federal income tax purposes were different from amounts reported for financial reporting purposes. The aggregate gross unrealized appreciation and depreciation for securities held by the Funds at November 30, 2004, were as follows:
Aggregate Gross Gross Unrealized Unrealized Unrealized Federal Tax Appreciation Depreciation Appreciation Cost (000) (000) (000) (000) ----------- ------------ ------------ ------------ Classic Institutional High Quality Bond Fund............... $ 188,334 $547 ($153) $ 394 Classic Institutional Short-Term Bond Fund............... 34,739 37 (288) (251)
52 (Unaudited)
Aggregate Gross Gross Unrealized Unrealized Unrealized Federal Tax Appreciation Depreciation Appreciation Cost (000) (000) (000) (000) ----------- ------------ ------------ ------------ Classic Institutional Super Short Income Plus Fund.......... $ 232,954 $168 $(691) $(523) Classic Institutional Total Return Bond Fund............... 96,829 477 (285) 192 Classic Institutional U.S. Government Securities Super Short Income Plus Fund............... 96,775 69 (289) (220) Classic Institutional Cash Management Money Market Fund.. 2,561,684 -- -- -- Classic Institutional U.S. Government Securities Money Market Fund........ 841,982 -- -- -- Classic Institutional U.S. Treasury Money Market Fund........ 2,149,764 -- -- --
As of the latest tax year end of May 31, 2004, the Classic Institutional Super Short Income Plus, Classic Institutional Total Return Bond and Classic Institutional U.S. Government Securities Super Short Income Plus Funds had net capital loss carryovers of $587,658, $218,476 and $518,385, respectively, to offset future net capital gains, if any, to the extent provided by the Treasury regulations through May 31, 2012. To the extent that these carryovers are used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders. 53 NOTES TO FINANCIAL STATEMENTS (continued) STI CLASSIC FUNDS November 30, 2004 6. Capital Share Transactions Capital share transactions for the Funds were as follows (000):
Classic Institutional Classic Institutional Classic Institutional Classic Institutional High Quality Short-Term Super Short Income Total Return Bond Fund Bond Fund Plus Fund Bond Fund ---------------------- --------------------- --------------------- ---------------------- 06/01/04- 10/27/03*- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 10/15/03*- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 --------- ---------- --------- --------- --------- --------- --------- ---------- Capital Transactions: Institutional Shares: Proceeds from shares issued.... $ 24,402 $ 26,414 $ 15,265 $24,777 $ 22,862 $ 155,867 $ 47,517 $18,136 Dividends reinvested........... 234 147 227 401 221 493 259 225 Cost of shares redeemed........ (5,366) (674) (17,341) (9,722) (49,217) (189,463) (15,426) (2,376) -------- -------- -------- ------- -------- --------- -------- ------- Increase (Decrease) in Net Assets From Institutional Share Transactions........... $ 19,270 $ 25,887 $ (1,849) $15,456 $(26,134) $ (33,103) $ 32,350 $15,985 -------- -------- -------- ------- -------- --------- -------- ------- Corporate Trust Shares: Proceeds from shares issued.... Cost of shares redeemed........ -------- -------- -------- ------- -------- --------- -------- ------- Increase (Decrease) in Net Assets From Corporate Trust Shares....................... -------- -------- -------- ------- -------- --------- -------- ------- T Shares: Proceeds from shares issued.... $ 26,755 $116,614 $ 31,538 $ 150,211 $ 6,848 $34,463 Dividends reinvested........... 139 82 138 210 570 352 Cost of shares redeemed........ (10,779) (5,577) (22,860) (82,032) (3,505) (1,601) -------- -------- -------- ------- -------- --------- -------- ------- Increase (Decrease) in Net Assets From T Shares Transactions................. $ 16,115 $111,119 $ 8,816 $ 568,389 $ 3,913 $33,214 -------- -------- -------- ------- -------- --------- -------- ------- L Shares: Proceeds from shares issued.... Dividends reinvested........... Cost of shares redeemed........ -------- -------- -------- ------- -------- --------- -------- ------- Increase (Decrease) in Net Assets From L Shares Transactions................. -------- -------- -------- ------- -------- --------- -------- ------- Total net increase from capital transactions................. $ 35,385 $137,006 $ (1,849) $15,456 $(17,318) $ 35,286 $ 36,263 $49,199 ======== ======== ======== ======= ======== ========= ======== ======= Share Transactions: Institutional Shares: Issued......................... 2,455 2,643 1,520 2,444 11,382 77,447 4,717 1,796 Reinvested..................... 24 15 23 40 110 245 26 22 Redeemed....................... (546) (67) (1,729) (958) (24,524) (94,148) (1,535) (232) -------- -------- -------- ------- -------- --------- -------- ------- Increase (Decrease) in Net Assets From Institutional Share Transactions........... 1,933 2,591 (186) 1,526 (13,032) (16,456) 3,208 1,586 -------- -------- -------- ------- -------- --------- -------- ------- Corporate Trust Shares: Issued......................... Redeemed....................... -------- -------- -------- ------- -------- --------- -------- ------- Increase (Decrease) in Net Assets from Corporate Trust Shares Transactions.......... -------- -------- -------- ------- -------- --------- -------- ------- T Shares: Issued......................... 2,694 11,601 15,779 74,978 686 3,381 Reinvested..................... 14 8 -- 105 57 35 Redeemed....................... (1,082) (559) (11,437) (40,981) (356) (160) -------- -------- -------- ------- -------- --------- -------- ------- Increase (Decrease) in Net Assets From T Shares Transactions................. 1,626 11,050 4,411 34,102 387 3,256 -------- -------- -------- ------- -------- --------- -------- ------- L Shares: Issued......................... Reinvested..................... Redeemed....................... -------- -------- -------- ------- -------- --------- -------- ------- Increase (Decrease) in Net Assets From L Shares Transactions................. -------- -------- -------- ------- -------- --------- -------- ------- Total Net increase from share transactions................... 3,559 13,641 (186) 1,526 (8,621) 17,646 3,595 4,842 ======== ======== ======== ======= ======== ========= ======== =======
* Commencement of operations. 54 (Unaudited)
Classic Institutional U.S. Classic Institutional U.S. Government Securities Super Classic Institutional Cash Government Securities Money Classic Institutional U.S. Treasury Short Income Plus Fund Management Money Market Fund Market Fund Securities Money Market Fund - --------------------------- ----------------------------- --------------------------- ----------------------------------- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 06/01/04- 06/01/03- 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 11/30/04 05/31/04 --------- ------------ ------------- ------------- ------------ ------------ ---------------- ---------------- $ 28,116 $ 62,017 $ 4,139,708 $ 7,415,918 $ 1,410,140 $ 2,512,598 $ 1,427,880 $ 3,003,944 314 596 8,824 14,226 2,025 2,820 1,440 2,922 (26,470) (79,764) (3,956,234) (8,047,111) (1,428,905) (2,697,227) (1,264,278) (3,239,309) -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- $ 1,960 $(17,151) $ 192,298 $ (616,967) $ (16,740) $ (181,809) $ 165,042 $ (232,443) -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- $ 1,654,422 $ 3,290,925 (1,471,582) (3,211,341) -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- $ 182,840 $ 79,584 -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- $ 3,015 $ 85,370 176 480 (24,043) (71,061) -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- $(20,852) $ 14,789 -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- $(18,892) $ (3,362) $ 198,298 $ (616,967) $ (16,740) $ (181,809) $ 347,882 $ (152,859) ======== ======== =========== =========== =========== =========== =========== =========== 14,058 30,928 4,139,708 7,415,918 1,410,140 2,512,598 1,427,880 3,003,944 157 297 8,824 14,226 2,025 2,820 1,440 2,922 (13,235) (39,825) (3,956,234) (8,047,111) (1,428,905) (2,697,227) (1,264,278) (3,239,309) -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- 980 (8,600) 192,298 (616,967) (16,740) (181,809) 165,042 (232,443) -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- 1,654,422 3,290,925 (1,471,582) (3,211,341) -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- 182,840 79,584 -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- 304 8,554 18 48 (2,422) (7,134) -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- (2,100) 1,468 -------- -------- ----------- ----------- ----------- ----------- ----------- ----------- (1,120) (7,132) 192,298 (616,967) (16,740) (181,809) 347,882 (152,859) ======== ======== =========== =========== =========== =========== =========== ===========
55 NOTES TO FINANCIAL STATEMENTS (concluded) STI CLASSIC FUNDS November 30, 2004 7. Concentrations/Risk The Classic Institutional Cash Management Money Market Fund, the Classic Institutional U.S. Government Securities Money Market Fund and the Classic Institutional U.S. Treasury Securities Money Market Fund invest primarily in money market instruments maturing in 397 days or less whose ratings are within one of the two highest ratings categories assigned by a nationally recognized statistical rating agency, or, if not rated, are believed to be of comparable quality. The ability of the issuers of the securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry, state or region. Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions or financial guaranty assurance agencies' credit quality should deteriorate, it could cause the individual security's credit quality to change. Additionally, if any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases. The Funds hold certain securities whereby the issuer operates under a congressional charter; these securities (Federal Home Loan Mortgage Corporation, Federal Home Loan Bank and Federal National Mortgage Association) are neither issued nor guaranteed by the U.S. Government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer's line of credit), would require congressional action. 8. Securities Lending The Classic Institutional Short-Term Bond Fund, Classic Institutional Super Short Income Plus Fund and Classic Institutional U.S. Government Securities Super Short Income Plus Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust's Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). No Fund will lend portfolio securities to its investment adviser or its affiliates unless it has applied for and received specific authority to do so from the Securities and Exchange Commission. Loans of portfolio securities will be fully collateralized by cash. The value of the collateral is at least 102% of the market value of the securities loaned. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. Cash collateral received in connection with securities lending is invested in the Boston Global Investment Trust -- Enhanced Portfolio. This investment consists of money market instruments including money market mutual funds registered under the Investment Company Act of 1940, commercial paper, repurchase agreements and U.S. Agency Obligations. At November 30, 2004, the Portfolio was invested in money market mutual funds, commercial paper, repurchase agreements, U.S. Agency Obligations and corporate bonds (with interest rates ranging from 1.15% to 2.36% and maturity dates ranging from 12/01/04 to 06/15/07). 56 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (UNAUDITED) - -------------------------------------------------------------------------------- Information pertaining to the trustees of the Trust is set forth below. Trustees who are not deemed to be "interested persons" of the Trust as defined in the 1940 Act are referred to as "Independent Board Member." Trustees who are deemed to be "interested persons" of the Trust are referred to as "Interested Board Member." Messrs. Courts and Ridley are Trustees who may be deemed to be "interested persons" of the Trust. - --------------------------------------------------------------------------------
TERM OF PRINCIPAL NUMBER OF OTHER POSITION(S) OFFICE AND OCCUPATION(S) PORTFOLIOS DIRECTORSHIPS NAME, ADDRESS, AND HELD WITH LENGTH OF DURING THE OVERSEEN FOR HELD BY BOARD DATE OF BIRTH THE GROUP TIME SERVED PAST 5 YEARS THE TRUST MEMBER - -------------------------------------------------------------------------------------------------------------------------------- INTERESTED BOARD MEMBERS* - -------------- Richard W. Courts, II Trustee November, 2001 Chairman of the Board, 49 Director, Cousins 3435 Stelzer Road Atlantic Investment Properties, Inc.; Director, Columbus, OH 43219 Company, 1970 to present. Piedmont Hospital; Director, 01/18/36 SunTrust Bank, Atlanta; Chairman, Courts Foundation; Chairman, J. Bulow Campbell Foundation. Current Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------------------------------------------------------- Clarence H. Ridley Trustee November, 2001 Chairman of the Board; 49 Director, Crawford & Co.; 3435 Stelzer Road Haverty Furniture Director, Pike's Family Columbus, OH 43219 Companies, 2001 to Nurseries, Inc.; Trustee, 06/03/42 present; Partner, King St. Joseph's Health System, and Spaulding LLP (law Inc.; Director, High Museum firm), 1971 to 2000. of Atlanta. Current Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------------------------------------------------------- INDEPENDENT BOARD MEMBERS - ----------------- Thomas Gallagher Trustee May, 2000 President, Genuine Parts 49 Director, Shepard Center; 3435 Stelzer Road Company Wholesale Director, NAPA; Director, Columbus, OH 43219 Distribution, 1970 to Genuine Parts Co.; Director, 11/25/47 present. Stone Mountain Industrial Park; Trustee, The Lovett School; Director, Oxford Industries. Current Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------------------------------------------------------- F. Wendell Gooch Trustee May, 1992 Retired. 49 Current Trustee of STI 3435 Stelzer Road Classic Variable, The Columbus, OH 43219 Capitol Mutual Funds and SEI 12/03/32 Family of Funds. - -------------------------------------------------------------------------------------------------------------------------------- James O. Robbins Trustee May, 2000 President and Chief 49 Director, National Cable and 3435 Stelzer Road Executive Officer, Cox Telecommunications Columbus, OH 43219 Communications, Inc., Association; Director, Cable 07/04/42 1985 to present. Labs; Director, C-SPAN; Trustee, St. Paul's Schools; Director, Cox Communications. Current Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------------------------------------------------------- Jonathan T. Walton Trustee February, 1998 Retired. 49 Current Trustee of STI 3435 Stelzer Road Classic Variable Trust and Columbus, OH 43219 W.K. Kellogg Trust. 03/28/30 - --------------------------------------------------------------------------------------------------------------------------------
57 TRUSTEES AND OFFICERS OF THE STI CLASSIC FUNDS (UNAUDITED) - --------------------------------------------------------------------------------
TERM OF PRINCIPAL NUMBER OF OTHER POSITION(S) OFFICE AND OCCUPATION(S) PORTFOLIOS DIRECTORSHIPS NAME, ADDRESS, AND HELD WITH LENGTH OF DURING THE OVERSEEN FOR HELD BY BOARD DATE OF BIRTH THE GROUP TIME SERVED PAST 5 YEARS THE TRUST MEMBER - -------------------------------------------------------------------------------------------------------------------------------- Sidney E. Harris Trustee November, 2004 Dean of Robinson College 49 Director, ServiceMaster; 3435 Stelzer Road of Business, Georgia Director, Total System Columbus, OH 43219 State University. Services, Inc. Current 07/21/49 Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------------------------------------------------------- Warren Y. Jobe Trustee November, 2004 Retired. 49 Director, WellPoint Health 3435 Stelzer Road Networks; Director, Columbus, OH 43219 UniSource Energy Corp.; 11/12/40 Director, Tucson Electric Power. Current Trustee of STI Classic Variable Trust. - -------------------------------------------------------------------------------------------------------------------------------- Charles D. Winslow Trustee November, 2004 Retired. 49 Current Trustee of STI 3435 Stelzer Road Classic Variable Trust. Columbus, OH 43219 07/13/35 - --------------------------------------------------------------------------------------------------------------------------------
* Mr. Courts may be deemed an interested Trustee because of his directorships with affiliates of the Adviser. Mr. Ridley may be deemed an interested Trustee because of a material business relationship with the parent of the Adviser. 58 - --------------------------------------------------------------------------------
TERM OF PRINCIPAL POSITION(S) OFFICE AND OCCUPATION(S) NAME, ADDRESS, AND HELD WITH LENGTH OF DURING THE DATE OF BIRTH THE GROUP TIME SERVED PAST 5 YEARS - --------------------------------------------------------------------------------------------------------------------------- OFFICERS - -------- R. Jeffrey Young President Since 2004 Senior Vice President, Relationship Management, 3435 Stelzer Road BISYS Fund Services since April 2002. Vice Columbus, OH 43219 President, Client Services, BISYS Fund Services from 08/22/64 May 1997 to April 2002. - --------------------------------------------------------------------------------------------------------------------------- Bryan C. Haft Treasurer and CFO Since 2004 Vice President, Financial Administration, BISYS Fund 3435 Stelzer Road Services since July 2000. Director, Administration Columbus, OH 43219 Services, BISYS Fund Services from May 1998 to July 01/23/65 2000. - --------------------------------------------------------------------------------------------------------------------------- Deborah A. Lamb Executive Vice President, Since 2003 Chief Compliance Officer and Managing Director of 3435 Stelzer Road Assistant Secretary and CCO Trusco Capital Management, Inc. since March 2003 and Columbus, OH 43219 President of Investment Industry Consultants, LLC 10/02/52 since June 2000. Director of Compliance at INVESCO, Inc. from March 1995 to June 2000. - --------------------------------------------------------------------------------------------------------------------------- Alaina V. Metz Assistant Secretary Since 2004 Vice President, Blue Sky Compliance, BISYS Fund 3435 Stelzer Road Services since January 2002. Chief Administrative Columbus, OH 43219 Officer, Blue Sky Compliance, BISYS Fund Services 04/07/67 from June 1995 to January 2002. - --------------------------------------------------------------------------------------------------------------------------- Julie M. Powers Assistant Secretary Since 2004 Senior Paralegal, Legal Services, BISYS Fund 3435 Stelzer Road Services since June 2000. Paralegal of Phillips, Columbus, OH 43219 Lytle, Hitchcock, Blaine & Huber LLP from March 1998 10/08/69 to June 2000. - ---------------------------------------------------------------------------------------------------------------------------
59 EXPENSE EXAMPLES (UNAUDITED) - -------------------------------------------------------------------------------- As a shareholder of the STI Classic Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; redemption fees; and exchange fees; (2) ongoing costs, including management fees; distribution [and/or service] 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the STI Classic Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2004 through November 30, 2004. Actual Expenses The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** Fund 06/01/04 11/30/04 06/01/04-11/30/04 06/01/04-11/30/04 - ---- ------------- ------------- ----------------- ----------------- Classic Institutional High Quality Bond Fund....................... Institutional Shares 1,000.00 $1,026.20 $3.30 0.65% T Shares 1,000.00 1,025.30 4.16 0.82% Classic Institutional Short-Term Bond Fund....................... Institutional Shares 1,000.00 1,007.90 2.16 0.43% Classic Institutional Super Short Income Plus Fund................ Institutional Shares 1,000.00 1,003.80 1.56 0.31% T Shares 1,000.00 1,007.90 2.52 0.50% Classic Institutional Total Return Bond Fund....................... Institutional Shares 1,000.00 1,045.10 2.77 0.54% T Shares 1,000.00 1,044.20 3.69 0.72% Classic Institutional U.S. Government Securities Super Short Income Plus Fund.......... Institutional Shares 1,000.00 1,009.30 0.91 0.18% L Shares 1,000.00 1,007.90 2.37 0.47% Classic Institutional Cash Management Money Market Fund.... Institutional Shares 1,000.00 1,007.00 1.01 0.20% Classic Institutional U.S. Government Securities Money Market Fund..................... Institutional Shares 1,000.00 1,006.50 1.31 0.26% Classic Institutional U.S. Treasury Securities Money Market Fund............................ Institutional Shares 1,000.00 1,006.30 1.21 0.24% Corporate Trust Shares 1,000.00 1,005.20 2.21 0.44%
* Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. 60 - -------------------------------------------------------------------------------- Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on each STI Classic Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Ending Expense Paid Expense Ratio Account Value Account Value During Period* During Period** Fund 06/01/04 11/30/04 06/01/04-11/30/04 06/01/04-11/30/04 - ---- ------------- ------------- ----------------- ----------------- Classic Institutional High Quality Bond Fund....................... Institutional Shares $1,000.00 $1,021.81 $3.29 0.65% T Shares 1,000.00 1,020.96 4.15 0.82% Classic Institutional Short-Term Bond Fund....................... Institutional Shares 1,000.00 1,022.91 2.18 0.43% Classic Institutional Super Short Income Plus Fund................ Institutional Shares 1,000.00 1,023.51 1.57 0.31% T Shares 1,000.00 1,022.56 2.54 0.50% Classic Institutional Total Return Bond Fund....................... Institutional Shares 1,000.00 1,022.36 2.74 0.54% T Shares 1,000.00 1,021.46 3.65 0.72% Classic Institutional U.S. Government Securities Super Short Income Plus Fund.......... Institutional Shares 1,000.00 1,024.17 0.91 0.18% L Shares 1,000.00 1,022.71 2.38 0.47% Classic Institutional Cash Management Money Market Fund.... Institutional Shares 1,000.00 1,024.07 1.01 0.20% Classic Institutional U.S. Government Securities Money Market Fund..................... Institutional Shares 1,000.00 1,023.76 1.32 0.26% Classic Institutional U.S. Treasury Securities Money Market Fund............................ Institutional Shares 1,000.00 1,023.87 1.22 0.24% Corporate Trust Shares 1,000.00 1,022.86 2.23 0.44%
* Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ** Annualized. 61 - -------------------------------------------------------------------------------- Proxy Voting Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and how the Funds voted proxies relating to portfolio securities during the period ended November 30, 2004 is available (1) without charge, upon request, by calling 1-800-428-6970, and (2) on the Securities and Exchange Commission's website at www.sec.gov. Other Information Schedules of Portfolio Investments for periods ending August 31, 2004 is available and February 28, 2005 will be available, without charge, on the Securities and Exchange Commission's website at www.sec.gov. 62 (This page intentionally left blank) (This page intentionally left blank) INVESTMENT ADVISER: Trusco Capital Management, Inc. STI Classic Funds are not deposits, are not insured or guaranteed by the FDIC or any other government agency, and are not endorsed by and do not constitute obligations of SunTrust Banks, Inc. or any other of its affiliates. Investment in the Funds involves risk, including the possible loss of principal. There is no guarantee that any STI Classic Fund will achieve its investment objective. The STI Classic Funds are advised by Trusco Capital Management, Inc., an affiliate of SunTrust Banks, Inc. DISTRIBUTOR: BISYS Fund Services LP This information must be preceded or accompanied by a current prospectus for each Fund described. STI-SA-004 1/05 ITEM 2. CODE OF ETHICS. Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so. NOT APPLICABLE - ONLY FOR ANNUAL REPORTS. The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 11(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item. If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver. DURING THE PERIOD COVERED BY THE REPORT, WITH RESPECT TO THE REGISTRANT'S CODE OF ETHICS THAT APPLIES TO ITS PRINCIPAL EXECUTIVE OFFICER, PRINCIPAL FINANCIAL OFFICER, PRINCIPAL ACCOUNTING OFFICER OR CONTROLLER, OR PERSONS PERFORMING SIMILAR FUNCTIONS; THERE HAVE BEEN NO AMENDMENTS TO, NOR ANY WAIVERS GRANTED FROM, A PROVISION THAT RELATES TO ANY ELEMENT OF THE CODE OF ETHICS DEFINITION ENUMERATED IN PARAGRAPH (b) OF THIS ITEM 2. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a) (1) Disclose that the registrant's board of directors has determined that the registrant either: (i) Has at least one audit committee financial expert serving on its audit committee; or (ii) Does not have an audit committee financial expert serving on its audit committee. (2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee: (i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or (ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)). (3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert. NOT APPLICABLE - ONLY FOR ANNUAL REPORTS. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. (b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. (c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category. (d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. (e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. (g) Disclose the aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. (h) Disclose whether the registrant's audit committee of the board of directors has considered whether the provision of nonaudit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. NOT APPLICABLE - ONLY FOR ANNUAL REPORTS. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. (a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state. (b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees. NOT APPLICABLE. ITEM 6. SCHEDULE OF INVESTMENTS. File Schedule I - Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in ss. 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form. NOT APPLICABLE. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities. NOT APPLICABLE. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any "affiliated purchaser," as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781). NOT APPLICABLE. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item. THE TRUST, EFFECTIVE SEPTEMBER 28, 2004, ADOPTED PROCEDURES BY WHICH SHAREHOLDERS MAY RECOMMEND NOMINEES TO THE REGISTRANT'S BOARD OF DIRECTORS. ITEM 10. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). THE REGISTRANT'S PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER HAVE CONCLUDED, BASED ON THEIR EVALUATION OF THE REGISTRANT'S DISCLOSURE CONTROLS AND PROCEDURES AS CONDUCTED WITHIN 90 DAYS OF THE FILING DATE OF THIS REPORT, THAT THESE DISCLOSURE CONTROLS AND PROCEDURES ARE ADEQUATELY DESIGNED AND ARE OPERATING EFFECTIVELY TO ENSURE THAT INFORMATION REQUIRED TO BE DISCLOSED BY THE REGISTRANT ON FORM N-CSR IS (i) ACCUMULATED AND COMMUNICATED TO THE INVESTMENT COMPANY'S MANAGEMENT, INCLUDING ITS CERTIFYING OFFICERS, TO ALLOW TIMELY DECISIONS REGARDING REQUIRED DISCLOSURE; AND (ii) RECORDED, PROCESSED, SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND EXCHANGE COMMISSION'S RULES AND FORMS. (b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. THERE WERE NO CHANGES IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING THAT OCCURRED DURING THE SECOND FISCAL QUARTER OF THE PERIOD COVERED BY THIS REPORT THAT HAVE MATERIALLY AFFECTED OR ARE REASONABLY LIKELY TO MATERIALLY AFFECT, THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING. ITEM 11. EXHIBITS. (a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. NOT APPLICABLE - ONLY EFFECTIVE FOR ANNUAL REPORTS. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2). CERTIFICATIONS PURSUANT TO RULE 30a-2(a) ARE ATTACHED HERETO. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. NOT APPLICABLE. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by rule 30a-2(b) under the Act as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference. CERTIFICATIONS PURSUANT TO RULE 30a-2(b) ARE FURNISHED HEREWITH. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) STI Classic Funds -------------------------------------------------------------------- By (Signature and Title)* /s/ Bryan Haft ------------------------------------------------------- Bryan Haft, Treasurer, STI Classic Funds Date February 7, 2005 --------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ R. Jeffrey Young ------------------------------------------------------- R. Jeffrey Young, President, STI Classic Funds Date February 7, 2005 ---------------------------------------- By (Signature and Title)* /s/ Bryan Haft ------------------------------------------------------- Bryan Haft, Treasurer, STI Classic Funds Date February 7, 2005 ----------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 l11335aexv99wcert.txt EX-99.CERT 302 CERTS CERTIFICATIONS - -------------- I, Bryan Haft, certify that: 1. I have reviewed this report on Form N-CSR of STI Classic Funds (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. February 7, 2005 /s/ Bryan Haft - ----------------- ----------------------------------- Date Bryan Haft Treasurer, STI Classic Funds CERTIFICATIONS - -------------- I, R. Jeffrey Young, certify that: 1. I have reviewed this report on Form N-CSR of STI Classic Funds (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. February 7, 2005 /s/ R. Jeffrey Young - -------------------- ------------------------------------ Date R. Jeffrey Young President, STI Classic Funds EX-99.906CERT 3 l11335aexv99w906cert.txt EX-99.906CERT 906 CERT This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. ss. 1350, and accompanies the report on Form N-CSR for the period ended November 30, 2004 of STI Classic Funds (the "Registrant"). Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge,: 1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and 2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. February 7, 2005 - ---------------------- Date /s/ R. Jeffrey Young ---------------------------------------- R. Jeffrey Young President, STI Classic Funds /s/ Bryan Haft ---------------------------------------- Bryan Haft Treasurer, STI Classic Funds This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----